FedEx slashes CEO's salary, draws $1.5 billion from credit line - Reuters
FedEx Corp said on Friday it would slash its chief executive officer’s pay and draw down $1.5 billion from a credit facility as parcel delivery services take a hit from coronavirus-led lockdowns across the globe.
The company also plans to tap debt markets to bolster its reserves as the pandemic compounds its own troubles, including integration issues with its TNT Express acquisition, higher costs related to launching Sunday home delivery and the loss of Amazon.com Inc as a customer.
FedEx and larger rival United Parcel Service have asked the U.S. Treasury to move quickly to release billions of dollars in government grants and loans to support the sector amid falling demand.
FedEx Corp said on Friday it would slash its chief executive officer’s pay and draw down $1.5 billion from a credit facility as parcel delivery services take a hit from coronavirus-led lockdowns across the globe.
The company also plans to tap debt markets to bolster its reserves as the pandemic compounds its own troubles, including integration issues with its TNT Express acquisition, higher costs related to launching Sunday home delivery and the loss of Amazon.com Inc as a customer.
FedEx and larger rival United Parcel Service have asked the U.S. Treasury to move quickly to release billions of dollars in government grants and loans to support the sector amid falling demand.
