www.zerohedge.com BY TYLER DURDEN
FedEx Corp. shares are up 2% premarket following the overnight news its founder is stepping down after five decades of service.
Taking the place of Frederick W. Smith, Chairman and CEO, is Raj Subramaniam, President and COO, who will be promoted to President and CEO.
Smith announced he would be stepping down as Chairman and CEO in a statement on the company’s website on Monday evening. His new title will be “Executive Chairman.” Subramaniam is expected to take over the role as CEO in June.
