Shipping and logistics giant FedEx (FDX) is cutting its global management jobs by about 10% as it strives to achieve efficiencies in a slowing macroeconomic environment.
Besides the reduction of officers and directors, FedEx said it plans to consolidate some teams and functions, according to a message to staff entitled: “Organizational Changes.”
The changes, which take effect immediately, will align the size of FedEx’s network with customer demand, the company told employees.
FedEx is scheduled to deliver its latest quarterly earnings on March 16 of this year.
The company’s stock has declined 20% over the last 12 months to $202.11 U.S. per share.