Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
April 07--Memphis-based FedEx Express on Monday announced retirements of two high-level executives, Mike Ducker and Cathy Ross, and promotions of five people including founder Frederick W. Smith's son, Richard Smith.
Ducker, whose 40-year career began at the Memphis hub in 1975, will retire Dec. 31 as executive vice president and chief operating officer of FedEx Express.
"If any single individual at FedEx Express can be said to embody our global express business over the last 40 years, it would have to be Mike Ducker," FedEx Express president and chief executive officer David J. Bronczek said in an email to employees Monday afternoon. "His leadership has been instrumental in building an unparalleled network and a truly global business."
Ducker's successor will be David L. Cunningham Jr., a Memphian and 32-year FedEx veteran who has been regional president over Asia/Pacific since 1999.
The changes come at a time when FedEx Express is pushing to increase profitability by $1.6 billion a year through a combination of efficiency improvements and revenue gains. The retirements are not part of a realignment that's trimming about 3,600 jobs at FedEx Express and FedEx Services in the United States.
Ross, a 30-year employee, is scheduled to retire July 31 as executive vice president and chief financial officer. Her successor will be Elise Jordan, a 32-year employee who has been senior vice president, strategic financial planning and analysis, since 2010.
Bronczek said of Ross: "Through her resourcefulness and leadership abilities, she has played a critical role in helping FedEx Express navigate our many challenging financial issues while providing sound counsel and invaluable strategic advice."
Karen Reddington, vice president of South Pacific business, was named to succeed Cunningham over Asia/Pacific.
Richard Smith became vice president of global trade services April 1. Bronczek said Smith will "lead our efforts in the key areas of U.S. International Planning & Engineering, Global Clearance and Life Sciences and Specialty Services."
Smith has been managing director of life sciences and specialty services since 2009 and responsible for U.S. international planning and engineering within global trade services since 2013.
Julio Barrionuevo will become senior vice president, Mexico, Central American and the Caribbean, on June 1. He's the senior vice president and chief financial officer of international finance.
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