FedEx Corp. (NYSE: FDX) announced that Chief Financial Officer John Dietrich will step down on June 1 following completion of the FedEx Freight spinoff. Dietrich will remain with the company until July 31.

Claude Russ, enterprise vice president of finance, will serve as interim CFO starting June 1 while the company conducts a search for a permanent successor. Russ has 24 years of experience at FedEx and previously served as CFO of FedEx Freight.

"I want to thank John for his many contributions to the FedEx leadership team over the last several years as we successfully navigated a significant company transformation and delivered on the upcoming spin of our Freight business," said CEO Raj Subramaniam.

The timing of Dietrich's departure coincides with the completion of the FedEx Freight spinoff into a new publicly traded company. FedEx confirmed its fiscal 2026 outlook and 2029 targets previously shared during earnings calls and investor presentations.

Russ currently leads FedEx's global financial planning and analysis team and finance initiatives within the company's DRIVE transformation program. His previous roles include chief operating officer of FedEx Dataworks and senior vice president of revenue management at FedEx Services.

FedEx reported annual revenue of $92 billion and employs more than 500,000 people worldwide. The company provides transportation, e-commerce and business services through its global network.