Summary
FedEx Corporation (FDX) filed an 8-K on March 9, 2020, announcing a significant leadership transition in its finance department. Alan B. Graf, Jr., the current Executive Vice President and Chief Financial Officer (CFO), will step down from his CFO role on September 21, 2020, and retire from the company on December 31, 2020. He will serve as an Executive Vice President and Senior Advisor during the interim period. Concurrently, Michael C. Lenz has been appointed as the Executive Vice President and Chief Financial Officer-Elect, effective June 1, 2020, and will assume the CFO position on September 22, 2020. Mr. Lenz, with extensive experience within FedEx and prior roles at American Airlines, has a compensation package that includes a promotional bonus, an increased base salary, and adjustments to his long-term incentive plan payouts to reflect his new responsibilities. This transition appears to be well-planned, with no immediate changes to Mr. Graf's compensation and a structured handover to his successor.
Key Highlights
- 1Alan B. Graf, Jr. to step down as CFO on September 21, 2020, and retire on December 31, 2020.
- 2Michael C. Lenz appointed CFO-Elect effective June 1, 2020, and CFO effective September 22, 2020.
- 3Mr. Graf will transition to an Executive Vice President and Senior Advisor role from September 22, 2020, until retirement.
- 4Mr. Lenz's compensation includes a $100,000 promotional bonus, a new base salary of $625,000, and prorated long-term incentive plan payouts.
- 5No changes to Mr. Graf's compensation were made due to his role change and retirement.
- 6Mr. Lenz has no reportable related-party transactions or family relationships with current directors or executive officers.
- 7The filing includes a press release dated March 9, 2020, as an exhibit.