Summary
This Form 8-K/A filing from FedEx Corporation (FDX), filed on January 26, 2017, serves as an amendment to a previous filing and primarily details an acceleration of executive appointments. The key change is that David J. Bronczek's promotion to President and Chief Operating Officer of FedEx, originally slated for January 1, 2018, has been moved forward to February 1, 2017. David L. Cunningham will assume the role of President and Chief Executive Officer of Federal Express Corporation, succeeding Mr. Bronczek. This accelerated transition impacts Mr. Bronczek's compensation. He will receive a $150,000 promotional bonus, paid in two installments, and his new annual base salary will be $1,100,016, effective February 1, 2017. His target payout under the fiscal 2017 annual incentive compensation plan will be 120% of his base salary, pro-rated from February 1, 2017. The long-term incentive plans for Mr. Bronczek will be evaluated later in the year.
Key Highlights
- 1David J. Bronczek's appointment as President and COO of FedEx accelerated to February 1, 2017, from January 1, 2018.
- 2David L. Cunningham will succeed Mr. Bronczek as President and CEO of Federal Express Corporation.
- 3Frederick W. Smith will continue as Chairman and CEO of FedEx Corporation.
- 4Mr. Bronczek to receive a $150,000 promotional bonus, payable in two installments.
- 5Mr. Bronczek's new annual base salary will be $1,100,016, effective February 1, 2017.
- 6Mr. Bronczek's target annual incentive compensation payout for fiscal 2017 is set at 120% of his base salary, pro-rated.
- 7Details on the fiscal 2017 incentive compensation plan are referenced in FedEx's 2016 proxy statement.