FedEx Corp. founder Fred Smith announced plans to step down from the chief executive role Monday, and will be replaced by the logistics company’s president and chief operating officer.
Smith will become executive chairman as of June 1, and Raj Subramaniam will be elevated to CEO, the company revealed Monday. FedEx FDX, +1.54% began operations under Smith’s leadership in 1973, and he has grown the company from less than $1 billion in annual revenue as recently as 1982 to more than $83 billion in sales last year.
“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said in Monday’s announcement. “As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future.” Subramaniam has worked for FedEx since 1991, and served as president and CEO of FedEx Express before taking on the president and COO role for the entire company. He has also previously served as chief marketing and communications officer for FedEx, as well as in varying roles focused on Canada and Asia in 30-plus years at the company.
“Fred is a visionary leader and a legend of the business world. He founded one of the world’s greatest and most admired companies, and it is my honor and privilege to step into this role and build upon what he has created,” Subramaniam said in a statement.