Dive Brief:
- FedEx swiftly named air cargo industry veteran John W. Dietrich as its new finance chief, just under a month after announcing it was launching a search to replace its retiring CFO Michael Lenz, according to a company release Monday. Lenz was appointed to the role in March 2020 and steered the package-delivery giant’s finances through the COVID-19 pandemic.
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Dietrich was previously president and CEO of Purchase, New York-based Atlas Air Worldwide Holdings, a provider of outsourced aviation services that was acquired and taken private in March. Before joining Atlas in 1999 Dietrich, who currently serves as chairman of the National Defense Transportation Association, worked for United Airlines for 13 years. He became executive vice president and CFO-elect of FedEx as of July 17 and will become CFO Aug. 1.
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Dietrich’s base salary will be $919,000, and he will participate in FedEx’s fiscal 2024 compensation plan with a target payout opportunity equal to 120% of the base salary, according to a company filing with the Securities and Exchange Commission. He will also receive a $200,000 signing bonus which will be paid in two installments, one this month and one in July of 2024.
Dive Insight:
FedEx president and CEO Raj Subramaniam in the release described Dietrich as a seasoned transportation industry leader, whose “appointment, along with the other strategic changes within the Finance leadership team, will further strengthen our ability to generate efficiencies, improve margins, and enhance returns.”
The C-suite change comes as the Memphis, Tennessee-based company announced several other changes to its finance organization. Subramaniam said the “evolution” of the finance team leadership is critical to the company’s effort to build a “more intelligent, flexible and efficient network.”
The finance team shifts include expanding the role of Jennifer L. Johnson, principal accounting officer, to include the consolidation of the company’s international accounting teams; naming Leslie M. Benners, former CFO of FedEx Office and FedEX Services, to lead the company’s sourcing and procurement, and bringing Claude F. Russ, currently COO of FedEx Dataworks and former CFO of FedEx Freight, onto the corporate finance team as corporate vice president of finance transformation, where he will oversee enterprise financial objectives.
