-- FedEx (FDX) said its finance chief will step down in early June as the parcel delivery giant completes the spinoff of its freight business into a new publicly listed company.
John Dietrich will leave his role as chief financial officer on June 1 and remain with the company until July 31, it said late Monday. Claude Russ, enterprise vice president of finance at FedEx, will serve as interim CFO while the company conducts an internal and external search for a permanent successor to Dietrich.
Shares of FedEx edged down 0.6% in Tuesday's most recent premarket activity. The stock has gained 29% so far this year.
"I want to thank John for his many contributions to the FedEx leadership team over the last several years as we successfully navigated a significant company transformation and delivered on the upcoming spin of our freight business," Chief Executive Raj Subramaniam said in a statement. "As we begin the search for John's successor, I am confident that Claude's wealth of experience will ensure seamless continuity and commitment to advancing our strategy."
The separation of FedEx's freight division is expected to complete on June 1.
FedEx also reiterated its fiscal 2026 outlook issued in March. At the time, the company expected adjusted earnings to be in a range of $19.30 to $20.10 per share on revenue growth of 6% to 6.5%. The current consensus on FactSet is for non-GAAP EPS of $19.77 and sales of $93.56 billion.
The company reaffirmed its targets for 2029 shared at its investor day in February, which included a compound annual growth rate for revenue of 4%.