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On Wednesday, Fedex announced that the company will be cutting “several thousand” people from the workforce. The cuts will be done through a voluntary departure program that will be implemented at the beginning of 2013.
Fred Smith, the chairman of Fedex, spoke at an investment conference in Memphis, Tennessee where he made the announcement. Smith explained that the cut backs would be specifically at the US unit, Fedex Services, as well as Fedex Express global express delivery service.
The reason the company is cutting back on its workforce is to implement a new plan that will increase their profits by $1.7 billion by 2016. The main focus of the profit boosting plan is to drastically reduce costs.