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LOS ANGELES (Reuters) -FedEx Corp on Wednesday said it would cut its officer and director team by 10% as part of a broad cost-reduction effort that has reduced staffing at the delivery giant by 12,000 workers since June.
Shares in FedEx (NYSE:FDX) rose 2.3% to %198.40 on the news.
FedEx, which has vowed to cut expenses by $3.7 billion this year, did not say how many positions would be affected by the new layoffs. Its overall workforce reductions account for a little over 2% of FedEx’s 547,000 full-time and part-time workers reported for the year ended May 2022.
Most of the cuts came through attrition and other means, a spokeswoman said.
FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com (NASDAQ:AMZN) and trucking company C.H. Robinson Worldwide to freight broker Uber (NYSE:UBER) Freight and freight forwarding startup Flexport in announcing layoffs.
