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He will succeed Michael Lenz, who will serve as a senior advisor until the end of this year.
FedEx (NYSE:FDX) said Dietrich, a veteran in the aviation and air cargo space, has held numerous leadership roles at Atlas (NYSE:ATCO) Air Worldwide since 1999.
The package delivery company also made other appointments within its finance team as it attempts to revamp its business and protect margins in a rapidly changing economy.
The development comes months after the company outlined $4 billion in permanent cost cuts by the end of its 2025 financial year.
Last fiscal year, FedEx slashed about 29,000 jobs, retired 18 planes, shuttered offices and pared back profit-sapping Sunday deliveries.
Shares of the Memphis-based company were down 1% in afternoon trade.
