8-KLeadership ChangesExhibits & Filings

FEDEX CORP 8-K Report, Executive Changes (Feb 14, 2019)

Filed February 14, 2019For Securities:FDX

Summary

FedEx Corp. announced a significant leadership change via an 8-K filing on February 14, 2019. David J. Bronczek, the company's President and Chief Operating Officer, is retiring effective February 28, 2019. This departure is amicable, with no disagreements cited regarding the company's operations or policies. Mr. Bronczek will also step down from the Board of Directors, reducing its size to 12 members. As part of his retirement agreement, Mr. Bronczek will receive a cash payment of $2,510,712 and reimbursement for his 2018 tax preparation costs. Importantly, he has agreed to a five-year non-compete clause, restricting him from working with key competitors such as UPS, DHL, the U.S. Postal Service, and Amazon.com. He remains eligible for prorated incentive payouts based on his tenure within the company's fiscal year 2019 incentive plans.

Key Highlights

  • 1David J. Bronczek, President and COO, to retire effective February 28, 2019.
  • 2Bronczek's retirement is amicable, with no disputes over company operations, policies, or practices.
  • 3Bronczek will also retire from the Board of Directors, reducing its size to 12.
  • 4A separation agreement includes a cash payment of $2,510,712 to Mr. Bronczek.
  • 5Mr. Bronczek has entered into a five-year non-compete agreement with FedEx, restricting work with major competitors.
  • 6Bronczek is eligible for prorated incentive compensation based on his service period.
  • 7The separation agreement includes mutual releases of claims between FedEx and Mr. Bronczek.

Frequently Asked Questions

David J. Bronczek was the President and Chief Operating Officer (COO) of FedEx Corporation. He has been a key executive responsible for the company's operational management.

David J. Bronczek is retiring voluntarily. The filing explicitly states that his decision to retire did not involve any disagreement with FedEx on any matter relating to the Company’s operations, policies, or practices.

Upon retirement, Mr. Bronczek will receive a cash payment of $2,510,712. Additionally, FedEx will reimburse him for the costs of preparing and filing his 2018 income tax returns, subject to specific terms and deadlines.

Yes, Mr. Bronczek has agreed to a five-year non-compete agreement following his separation date. This agreement prohibits him from engaging with direct competitors such as United Parcel Service, Inc., DHL, the U.S. Postal Service, or Amazon.com, Inc. in various capacities.