New FedEx CEO charts growth plan

Headwinds ahead: Cargo is unloaded from a FedEx plane upon arrival at Dulles International Airport in the United States. The company is grappling with cooling demand, rampant inflation and pressure from two competing groups. — AFP

LOS ANGELES: FedEx Corp’s new chief executive officer (CEO) has announced plans to boost future earnings by focusing on more profitable deliveries, but shares backtracked as the company’s forecast for its growth-driving eCommerce delivery unit remains stuck below pre-pandemic levels.

“We are at a pivotal moment in the history of FedEx as we enter our 50th year,” CEO Raj Subramaniam, who succeeded FedEx founder Fred Smith on June 1, said at the company’s investor meeting.