FedEx Founder Fred Smith will cut costs at his flagship Express division. Smith made his announcement at a dinner at the Hilton Memphis where investors ate barbeque and banana pudding, then Smith stood up and told them his goal is to increase profits by $1.7 billion a year.
Smith will offer thousands of Express employees voluntary buyouts, close facilities, and increase automation.
“We are revamping the FedEx Express cost-structure through a combination of cost-reductions, efficiency improvements, and service repositioning,” Smith said.
