Tag: FedEx

Survey: FedEx's Smith among top CEOs (US)

Posted by | Jan 14, 2008 | |

FedEx Corp. Chairman, President and CEO Frederick W. Smith is among America’s best Chief Executives, according to Institutional Investor magazine.

Smith was named the best CEO in the airfreight and surface transportation category for the second consecutive year in the magazine’s survey.

The magazine surveyed portfolio managers, analysts and other investment professionals and asked them to name the best CEOs in their sectors.

Around 900 people at 425 institutions responded with first, second and third place votes in each of the sectors with which they were familiar.

“A common trait exhibited by many of the winners is experience managing through crises, scandals and turnarounds,” the company stated in a release.

Based in Memphis, FedEx Corp. provides transportation, e-commerce and business services through several divisions, including FedEx Ground, FedEx Freight, FedEx Kinko’s and FedEx Global Supply Chain Services.

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FedEx to stay with contractors (US)

Posted by | Jan 13, 2008 | |

Top managers of FedEx Corp. said last week they have no plans for major changes in the company’s reliance on contract drivers for its ground delivery division.

“We’re continuing to operate with our independent contractors, so you have to go from that premise,” said Dave Rebholz, Chief Executive of FedEx Ground.

Rebholz joined FedEx Chief Executive Frederick W. Smith on a conference call with market analysts to underline the company’s confidence in defending the independent-contractor model against a challenge by the IRS

The IRS issued a preliminary decision last month challenging FedEx Ground’s use of contract drivers instead of making its drivers employees. The decision, which FedEx vows to fight, assessed tax penalties and interest of USD million. The IRS decision is the latest in a series of attacks, primarily through lawsuits, on FedEx Ground’s independent-driver business model.

But Smith said most FedEx Ground drivers like running their own businesses as private contractors. “There are millions of people in this country who have chosen to work for themselves,” Smith said. “I personally believe that’s what freedom is all about.”

While declining specifics on the company’s arguments, general counsel Chris Richards said FedEx will begin meeting in the spring with the IRS over its decision.

Following a legal challenge to the contractor model in California, FedEx is offering financial incentives to single-route drivers there to encourage them to give up their routes or take on multiple routes.

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FedEx expands portfolio of services with launch of FedEx International Economy in Asia Pacific

Posted by | Jan 10, 2008 | |

FedEx Express today announced the expansion of its customer portfolio of services with the launch of FedEx International Economy service in ten Asia Pacific markets.

FedEx International Economy is an economical, day-definite, customs-cleared, door-to-door service that features a transit time typically one to two days longer than premium FedEx International Priority service, which is designed for more time-sensitive shipments. The new service effectively addresses the needs of customers in Asia shipping intra-Asia and to the U.S. and Europe, who look for reliability and cost efficiency as a top priority in shipping.

FedEx International Economy is specially designed for customers with less urgent shipments of individual packages under 68kg, but who require the reliability they have come to expect with FedEx. No weight restrictions apply for multi-piece shipments. Offered on competitive list rates and backed by a money-back guarantee, FedEx International Economy typically delivers intra-Asia packages in two business days, and shipments to the U.S. and major markets in Europe typically in three to four business days. As with the FedEx International Priority service, customers can use www.fedex.com for online tracking with proactive e-mail notification in 16 languages.

FedEx International Economy service is now available in 10 APAC markets: Australia, mainland China, Hong Kong, Japan, South Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand. It will be available in March in Indonesia, the Philippines and Vietnam.

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UPS rises on upgrade to 'Outperform'

Posted by | Jan 10, 2008 | |

Shares of United Parcel Service Inc. rose last Thursday 09 January after a Bear Stearns analyst upgraded the stock, citing a slew of catalysts for long-term growth including current troubles at rival FedEx Corp.

Analyst Edward Wolfe raised his rating on UPS to “Outperform” from “Peer Perform,” saying the company is well positioned to grow once the domestic economy begins to improve.

He expects the company to steer guidance lower in the next few quarters as domestic freight demand remains weak and pricing stays competitive. But a settled Teamster contact, changes in senior management, and rival FedEx Corp. ‘s ground unit woes should all benefit UPS in the long-term, Wolfe said.

The company signed a five-year contract with the Teamster union in late November. In December, former Vice Chairman and Chief Financial Officer Scott Davis took the reigns as chairman and chief executive, replacing retiring Mike Eskew.

The company also announced a change to the top post of its Asia Pacific unit Tuesday, in which Ken Torok will be replaced by Senior Vice President Derek Woodward.

Wolfe said FedEx should continue to lose business to UPS as troubles at its ground unit could lead to higher costs and slower growth. He reduced his 2009 earnings expectations for FedEx Corp. by about 5 percent, but left his 2008 expectation unchanged.

Shares of UPS rose USD 2.76, or 4.1 percent, to USD 69.47 in midday trading, while FedEx shares gained USD 1.40 to USD 84.14.

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DHL to offer shipping services from Walgreens

Posted by | Jan 8, 2008 | |

DHL said on Wednesday it has entered into an agreement with Walgreen Co to offer shipping services from Walgreen’s stores by the end of 2008.

DHL said in a statement that the agreement to offer overnight, ground or international package shipping services from 6,500 stores — Walgreen is projected to have that many outlets by the end of this year — will more than double its retail presence in the United States.

The “DHL Shipping Spot” will be staffed by Walgreen employees at photo counters, DHL said.

DHL has a far smaller U.S. presence than United Parcel Service Inc and its main rival FedEx Corp, which dominate the market.

Both package giants have their own branded retail presence, FedEx Kinko’s and UPS Stores.

DHL generated about USD 4 billion of revenue in 2006.

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