FedEx’s freight unit President and CEO Doug Duncan to retire on Feb. 28
By APTuesday, September 22, 2009
FedEx’s freight unit president and CEO to retire
NEW YORK — FedEx Corp., the world’s second largest package delivery company, said Tuesday the president and CEO of its freight unit will retire.
The company said Tuesday in a filing with the Securities and Exchange Commission that Douglas G. Duncan, 58, will step down on Feb. 28.
FedEx not yet named a replacement.
Duncan was the first chief executive of the FedEx Freight unit. He has been president and CEO of the unit since 2001. Before joining FedEx, he was president and CEO of Viking Freight Inc.
FedEx Freight is the company’s less-than-truckload (LTL) unit, which consolidates multiple shipments from a variety of sources onto a single truck. The LTL market has been hit hard by the recession as manufacturing lines slowed and retailers bought less stock to account for a fall off in demand for all kinds of goods.
FedEx Freight’s revenue for the fiscal first quarter that ended Aug. 31 sank 27 percent to $982 million from $1.35 billion a year earlier. But the company has said that business appears to be stabilizing. It’s also taking business from a major LTL carrier that’s struggling — YRC Worldwide Inc.
FedEx shares rose 57 cents to $76.16 Tuesday.
