Summary
FedEx Corporation announced a significant leadership change in its finance department. Michael C. Lenz, Executive Vice President and Chief Financial Officer, will retire from his executive role on July 31, 2023. He will transition to a Senior Advisor role, reporting to the CEO, until his full retirement as an employee on December 31, 2023. This transition is stated to be amicable, with no disagreements regarding financial matters cited.
Key Highlights
- 1CFO Michael C. Lenz is retiring as EVP and CFO effective July 31, 2023.
- 2Mr. Lenz will remain with FedEx as a Senior Advisor until his employee retirement on December 31, 2023.
- 3The retirement is not due to any disagreements with the company regarding financial controls, statements, operations, policies, or practices.
- 4Mr. Lenz will receive a cash payment of $1,379,480, payable by January 31, 2024.
- 5FedEx will reimburse Mr. Lenz for his 2023 income tax preparation and filing costs.
- 6A two-year non-compete agreement is in place, restricting Mr. Lenz from working with key competitors (UPS, DHL, USPS, Amazon) post-separation.
- 7Mr. Lenz remains eligible for prorated incentive compensation and his stock options/restricted stock vesting will be governed by existing plan terms.