FedEx (FDX) to cut 10% of top management jobs

FedEx (NYSE: FDX) announced Wednesday that it is cutting over 10% of its officer and director-level jobs due to the "rapidly changing environment."

The logistics firm revealed it is eliminating positions and consolidating some of the teams and functions.

"Unfortunately, this was a necessary action to become a more efficient, agile organization. It is my responsibility to look critically at the business and determine where we can be stronger by better aligning the size of our network with customer demand," FedEx President and Chief Executive Officer Raj Subramaniam said in a message to employees.

"While we have already taken many actions to that end, it was necessary to also look closely at the size of our leadership team and functions that could be consolidated," he added.

FedEx has become the latest firm to announce layoffs, following on from HubSpot and Upstart on Tuesday. It was also reported today that electric vehicle firm Rivian will be cutting around 6% of its workforce in an effort to cut costs.

FedEx shares are up over 2% in Wednesday afternoon trading.

By Sam Boughedda

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