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Frederick W. Smith again wins: A review on FedEx Corp Shareowner Meeting

By Amarendra Bhushan for CEOWORLD Magazine Updated:September 30, 2008

Memphis-based FedEx Corp formerly known as FedEx Kinkos shareholders voted down a proposal to separate Frederick W. Smith’s role as both CEO and chairman at its annual meeting in Memphis. Another proposal that would give stockholders more control over executive compensation was also struck down at the meeting. FedEx Corp. provides a portfolio of transportation, e-commerce and business services through several divisions, including FedEx Ground, FedEx Freight, FedEx Global Supply Chain Services and FedEx Office.

The chairman, president and CEO said it would be hard for FedEx not to double in size as the company strengthens connections to emerging economies from Asia to Brazil. Whether FedEx becomes an $80 billion company in 10 years or 20 years or what have you, I don’t know,..But I’m pretty confident … it will reach those levels because it’s hooked into such powerful forces…The growth in the international business is very substantial,..The reason for that is the emergence of China and India and Brazil as major economic forces in the world.

Reelected all twelve director nominees, each for a one-year term: Frederick W. Smith, James L. Barksdale, August A. Busch IV, John A. Edwardson, Judith L. Estrin, J.R. Hyde, III, Shirley A. Jackson, Steven R. Loranger, Gary W. Loveman, Joshua I. Smith, Paul S. Walsh and Peter S. Willmott.

Approved the adoption of an amendment to FedEx’s incentive stock plan to increase the number of option shares and restricted shares issuable under the plan.

Ratified the appointment of Ernst and Young LLP as FedEx’s independent auditors for fiscal 2009.

FedEx Office is cutting 650 jobs, including 450 overseas.

Frederick W. Smith
Chairman, President and Chief Executive Officer, FedEx Corporation

Frederick W. Smith is chairman, president and chief executive officer of FedEx Corporation, a $38-billion global transportation, business services and logistics company.

Smith is responsible for providing strategic direction for all FedEx Corporation operating companies, including FedEx Services, FedEx Express, FedEx Ground, FedEx Freight and FedEx Kinko’s. FedEx serves more than 220 countries and territories with operations that include 677 aircraft and over 80,000 vehicles. More than 290,000 team members worldwide handle more than 8 million shipments each business day. Since founding FedEx in 1971, Smith has been an active proponent of regulatory reform, free trade and “open skies agreements” for aviation around the world.

FedEx has continued to strengthen its industry leadership over the past 35 years, and has been widely acknowledged for its commitment to total quality service. FedEx Express was the first service company to win the Malcolm Baldrige National Quality Award in 1990. FedEx has consistently been ranked on FORTUNE magazine’s industry lists, including “World’s Most Admired Companies,” “America’s Most Admired Companies,” “100 Best Companies to Work For” and is on FORTUNE’s “Blue Ribbon Companies List.”

Smith has served on the boards of several large public companies and the St. Jude Children’s Research Hospital and Mayo Foundation Boards. He was formerly chairman of the Board of Governors for the International Air Transport Association and the U.S. Air Transport Association. Smith is a member of the Business Roundtable, the CATO Institute and is co-chairman of the Energy Security Leadership Council. He served as chairman of the U.S.-China Business Council and is the current chairman of the French-American Business Council. In addition, Smith received the Circle of Honor Award from the Congressional Medal of Honor Foundation and was named 2006 Person of the Year by the French-American Chamber of Commerce. He is a member of the Aviation Hall of Fame, served as co-chairman of the U.S. World War II Memorial Project, and was named CHIEF EXECUTIVE magazine’s 2004 “CEO of the Year.”

Born in 1944 in Marks, Miss., Smith attended Yale University, where he earned a B.A. in 1966. Smith served as an officer in the U.S. Marine Corps from 1966-1970.

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