FedEx CEO Raj Subramaniam told employees in a memo that the company is slashing over 10% of its global management positions in an effort to become a "more efficient, agile organization," Bloomberg’s Thomas Black reports. In addition to the reduction of certain officers and directors, the company intends to consolidate some teams and functions, the author says, noting that such changes are expected to align the size of the network with customer demand. "This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions," Subramaniam said in the memo. FedEx shares are up 2.5% near noon. See today’s best-performing stocks on TipRanks >>
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