FedEx board of directors to propose bylaw amendment

The Board of Directors of FedEx Corp. (NYSE: FDX) will submit to stockholders a proposal to amend the corporation’s bylaws that will require each director to stand for election annually. Currently, the corporation’s bylaws divide the Board into three classes with directors elected to staggered three-year terms.

Stockholders will vote on the Board’s declassification proposal at the next FedEx annual meeting in September 2004. Approval of the proposed bylaw amendment will require an 80 percent stockholder vote.