FedEx's chief financial officer received a
FedEx's financial performance beat
The effects of COVID-19 still put a dent in its earnings, though – commercial package volume fell and the company said the economy's future is too uncertain to provide an earnings forecast.
"We will continue managing network capacity, flexing our networks and adjusting as needed to align with volumes and operating conditions," Graf said in June's earnings call. "However, some of the higher operating costs related to the pandemic that we experienced in the fiscal fourth quarter will persist in fiscal 2021."
Graf, who is also an executive vice president at FedEx, is retiring at the end of the year. He is stepping down as CFO on
"In his 40 years at FedEx, Alan has helped build and transform this company," Smith said in a statement when Graf's retirement was announced. "He has been part of every significant decision and helped navigate tremendous growth, strategic investments, international acquisitions and global challenges. FedEx would not be the
Graf's total executive compensation was
FedEx makes financial maneuvers to mitigate COVID-19
In response to the coronavirus' adverse effects, the company has restricted hiring, furloughed some employees and plans to spend
"We have reduced our planned capital spending where possible and have taken actions to mitigate the impact of the pandemic," Graf said.
FedEx also eliminated its annual incentive bonus for executives this fiscal year. The company said in a regulatory filing it was due to "the current economic and business uncertainty resulting from the COVID-19 pandemic." Other executive perks, such as restricted FedEx stock grants and a long-term incentive bonus, are still active.
COVID-19's effects have been more than financial for FedEx. The company has seen several coronavirus cases and deaths among its employees.