MEMPHIS, Tenn. (AP) - The founder and chairman of FedEx Corp. says the world's second-largest package delivery company remains committed to Memphis despite a restructuring that will mean cutting jobs, aircraft and underused assets.
CEO Frederick Smith said continued growth at the FedEx Express world hub and other Memphis-based enterprises should benefit the city. He made the comments near the end of the 2012 Investors & Lenders Meeting.
The Commercial Appeal reports (http://bit.ly/SU0tCU) Smith said most of the cost cuts will come in the company's Express and Services units, which have been hurt the most by the global economic conditions. He said a voluntary buyout program announced in August should reduce "fixed head count by several thousand people."
A "substantial" number were expected to come from Memphis, though the total might not be known until next year.
Information from: The Commercial Appeal, http://www.commercialappeal.com