Fred Smith to step down from president role at FedEx - WMC Action News 5 - Memphis, Tennessee

Fred Smith to step down from president role at FedEx

(Source: WMC Action News 5) (Source: WMC Action News 5)
MEMPHIS, TN (WMC) -

FedEx Corporation named its next president.

FedEx founder and Chief Executive Officer Frederick Smith will vacate his role as president of FedEx Corporation at the end of 2017. Smith will not be leaving the company. He will remain as FedEx Corporation CEO and chairman of the board.

Starting January 2018, FedEx Express CEO David Bronczek will take over the role of president of FedEx Corporation. FedEx also created a new position, Chief Operating Officer, in what business experts say could hint at a succession plan, according to Bloomberg Technology.

Smith is 72 years old. He founded FedEx in 1971 in Memphis. His possible retirement has been subject of much speculation for years. His ultimate plans are still unknown.

Additionally, FedEx announced that Executive Vice President of Market Development and Corporate Communications T. Michael Glenn will retire at the end of 2016.

Glenn, 61, led the company's marketing, sales, customer service, and communications groups for more than 20 years.

"Mike Glenn is a thirty-five year veteran of FedEx, and without a doubt the most brilliant marketer I have ever met. His passionate leadership, strategic vision, and intellect have transformed the FedEx portfolio and brand and immeasurably improved global commerce," FedEx Corp. chairman, president and CEO Frederick Smith said. "While this is a tremendous loss for FedEx, I commend and admire Mike for this decision as he transitions his focus full time to his family."

Chief Information Officer and Co-CEO Robert Carter will become the new CEO of FedEx Services on January 1, 2017.

Bronczek also will replace Glenn as chairman of the Revenue Management Committee starting January 1.

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