FedEx CFO John Dietrich to step down
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FILE PHOTO: A FedEx Express logo is seen on an airplane at Paris Charles de Gaulle airport in Roissy-en-France n France May 25, 2020. REUTERS/Charles Platiau/File Photo
April 13 (Reuters) - FedEx said on Monday Chief Financial Officer John Dietrich would step down, effective June 1, after the parcel firm completes the spinoff of FedEx Freight into a publicly traded company.
The company said Claude Russ, finance enterprise vice president, will serve as interim CFO as its board searches for Dietrich's successor. Dietrich will remain until July 31.
FedEx announced the spinoff nL4N3NK1O7 of its freight trucking division in December 2024, as it restructures operations to focus on its core delivery business. The divestiture is expected to be completed by June 2026.
FedEx on Monday also reaffirmed its adjusted profit forecast for the fiscal year ending May 31 of between $19.30 and $20.10 per share.
FedEx Freight, the largest provider of less-than-truckload (LTL) services in the U.S., sees average revenue growing in the range of nL4N40R13O 4% to 6% in the medium term.
FedEx last month reported third-quarter results above analysts' expectations, driven by strength in its higher-margin, time-sensitive Express segment, where increased volume and stronger pricing helped deliver the most profitable peak season in its history.
(Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Maju Samuel)
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