8-KLeadership Changes

FEDEX CORP 8-K Report, Executive Changes (Jul 21, 2021)

Filed July 21, 2021For Securities:FDX

Summary

FedEx Corporation (FDX) announced a planned leadership transition within its accounting function. John L. Merino, Corporate Vice President and Principal Accounting Officer, will retire effective December 31, 2021. He will step down as Principal Accounting Officer on September 30, 2021, and serve as Senior Advisor – Finance until his retirement. This transition is amicable, with no changes to Mr. Merino's compensation related to his role change or retirement. Investors should note this is a planned succession and not indicative of any issues. The company has appointed Jennifer L. Johnson to succeed Mr. Merino. Ms. Johnson will become Corporate Vice President and Principal Accounting Officer – Elect on August 1, 2021, and assume the Principal Accounting Officer role on October 1, 2021. Ms. Johnson brings extensive experience, currently serving as Staff Vice President and Corporate Controller since 2015 and holding various financial reporting roles at FedEx since 2005. Her compensation package will include a promotional bonus, continued base salary, and eligibility for incentive plans and stock awards, aligning with similar executive roles.

Key Highlights

  • 1John L. Merino, Corporate Vice President and Principal Accounting Officer, will retire effective December 31, 2021.
  • 2Mr. Merino will transition from Principal Accounting Officer to Senior Advisor – Finance on October 1, 2021.
  • 3There are no changes to Mr. Merino's compensation related to his retirement or role change.
  • 4Jennifer L. Johnson has been appointed Corporate Vice President and Principal Accounting Officer – Elect, effective August 1, 2021.
  • 5Ms. Johnson will assume the role of Corporate Vice President and Principal Accounting Officer on October 1, 2021.
  • 6Ms. Johnson has significant experience within FedEx, including her current role as Staff Vice President and Corporate Controller.
  • 7Ms. Johnson's compensation will include a promotional bonus and participation in existing incentive and long-term equity plans.

Frequently Asked Questions

John L. Merino, the current Principal Accounting Officer, is retiring at the end of 2021. He will transition to a Senior Advisor role before his retirement. This is a planned succession and appears to be amicable, with no changes to his compensation related to the transition.

Jennifer L. Johnson has been appointed to succeed Mr. Merino. She will be the Principal Accounting Officer – Elect starting August 1, 2021, and will officially take over the Principal Accounting Officer role on October 1, 2021.

Ms. Johnson has a strong internal track record at FedEx, serving as Staff Vice President and Corporate Controller since October 2015. She has held various financial reporting positions within the company since joining in 2005, bringing extensive relevant experience to the Principal Accounting Officer role.

Ms. Johnson will receive a promotional bonus and will continue to be eligible for FedEx's annual incentive and long-term incentive plans, including stock options and restricted stock awards. Her compensation is expected to be at levels commensurate with similarly situated officers at the company.