FedEx shareholders vote against separate Chairman-CEO

Source: Supply Chain Digital

Date :9/30/2008 8:26:54 AM

FedEx Corp shareholders struck down a proposal that would have separated the role of Chairman and Chief Executive Officer at the company's annual meeting on September 29.

The roles are currently held by Fred Smith.

Shareholders had pushed the proposal as they argued for more board independence amid issues, including the ongoing fight over its independent contractor model. The measure also failed to pass at FedEx’s 2007 annual meeting.

Another proposal that would give stockholders more control over executive compensation was also struck down at the meeting.

FedEx shares were down US$1.57 to US$80 in afternoon trading.