(WMC-TV) - FedEx announced internally Wednesday that the company will reduce its total number of U.S.-based officers and directors by more than 10 percent.
The reductions are part of how the shipping giant plans to reorganize the company after offering buyouts to its employees.
The biggest changes will be at the officer and director levels, but that reorganization is just one component of the plan to improve the company's profitability by $1.7 billion by the end of fiscal year 2016.
On Friday, FedEx sent an internal memo to employees preparing them for the memo that was sent out today.
The deadline for employees to apply for the buyout and submit their agreement is April 1.
The buyout program is being offered to employees who've worked for the company five years or longer.
FedEx wouldn't comment on how these specific changes would affect the company's top brass. The restructuring is expected to affect hundreds of employees.
According to Glen Brandow, FedEx director of global media relations and events, these are some of the other things the company hopes to accomplish by making these changes:
Streamline our major processes to reduce cost and gain efficiencies
Continue to provide outstanding service to our customers
Combine similar functions to allow us to operate effectively with fewer positions
Prioritize vital activities and eliminate or defer those less critical
Company officials say the vast number of FedEx employees will be notified next Friday, February 15, as to whether they are eligible for the buyout program.