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FedEx Archives: 1999 Press Releases

( BW)(TN-FDX)(FDX) FedEx CEO Theodore L. Weise to Retire, COO David J. Bronczek to Succeed Weise

    Business Editors

    MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct. 11, 1999--FDX Corp. (NYSE:FDX), parent company of Federal Express Corp., announced today that Theodore L. "Ted" Weise plans to retire as president and chief executive officer ("CEO") of Federal Express Corp. at the end of January 2000. David J. Bronczek, current FedEx executive vice president and chief operating officer, will succeed Weise as president and CEO.
    "Ted has been at my side since the very beginning, consistently providing invaluable counsel and strong leadership in numerous capacities. His commitment to excellence, his integrity and unwavering focus on customers have served this company well," said FDX Chief Executive Officer Frederick W. Smith.
    Weise, who served in a number of senior management positions, succeeded Smith as CEO of FedEx in January 1998 after serving as executive vice president of worldwide operations. An airline transport pilot and former senior vice president of air operations, Weise will continue to serve on the FedEx operating company board and as a consultant to the air operations division after his retirement from the company.
    "After the formation of FDX nearly two years ago, I was asked to take charge of FedEx. During this transition, FedEx service levels have been at an all time high, morale is strong and the global network is more formidable than ever.
    "Few men or women have enjoyed the privilege, as I have, of joining a struggling start-up and helping it become one of the premier companies in the world. I am proud to have worked with a visionary like Fred Smith and have thoroughly enjoyed being associated with so many wonderful and innovative people in my nearly 28 years with FedEx. Moving forward, I am excited to continue helping FedEx grow in my new role," said Weise.
    As COO, Bronczek, a 23-year veteran of FedEx, currently oversees the company's global operations and is also responsible for its sales, e-commerce and customer service divisions. Bronczek had previously served in various managerial positions both in the U.S. and abroad. He was senior vice president of Europe, Middle East and Africa between 1993 and 1998 where he expanded FedEx's service offerings, strengthened the regional network, and improved profitability. Prior to that, he was in charge of all business operations in Canada.
    Weise said, "I am pleased that we have such an outstanding leader like Dave to take over the helm of FedEx and am confident that we will have a smooth transition."
    Smith said, "Dave Bronczek brings considerable international experience, strong business acumen and creative strategic thinking to the CEO position. I have utmost confidence in his ability to lead this organization to even greater achievements."

    Federal Express, a subsidiary of FDX Corp., connects more than 90% of the world's economic activity in 24-48 hours with door-to-door, customs-cleared service and a money-back guarantee. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of more than 3.1 million items to 210 countries each working day. FedEx employs more than 148,000 employees and has more than 44,400 drop-off locations, 643 aircraft and 43,500 vehicles in its integrated global network. The company maintains electronic connections with more than 1.9 million customers via FedEx Powership(R), FedEx Ship(R) and FedEx interNetShip(R). Federal Express reported revenues of $14.0 billion for its fiscal year ended May 31, 1999.
    FDX Corp., a $17 billion holding company, provides comprehensive transportation, logistics, e-commerce and supply chain management solutions. Its principal operating subsidiaries are Federal Express Corp., the world's largest express transportation company; RPS Inc., North America's second largest business-to-business ground small-package carrier; Viking Freight Inc., a less-than-truckload carrier operating principally in the western U.S.; Roberts Express Inc., a critical-shipment carrier; and FDX Logistics Inc., a contract logistics provider.

    NOTE TO EDITORS: FDX Corp. press releases are available on the World Wide Web at http://www.fdxcorp.com.

     --30--KO/na*

     CONTACT:  FDX Corp., Memphis
               Bill Margaritis, 901/395-3490

     KEYWORD:  TENNESSEE INTERNATIONAL CANADA
     INDUSTRY KEYWORD:  TRANSPORTATION AIRLINES MANAGEMENT CHANGES