MEMPHIS, Tenn. — FedEx Corp. is announcing the filing of the Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the planned spin-off of FedEx Freight.
“Today’s Form 10 filing reflects the strong progress we are making toward the launch of FedEx Freight as a focused, industry-leading LTL company,” said Raj Subramaniam, FedEx Corp. president, CEO. “This separation will create two world-class companies, positioning both FedEx and FedEx Freight to better serve customers and unlock long-term value for all stockholders.”
A copy of the Form 10 is available here and can also be viewed on FedEx’s Investor Relations website.
FedEx Freight
R. Brad Martin, current executive chairman of the FedEx Corp. board of directors, will serve as chairman of the board of FedEx Freight.
“We’ve assembled a group of prominent industry leaders who share a strong commitment to the customer-first culture that defines FedEx,” Martin said. “Their diverse perspectives and proven leadership will be instrumental in supporting FedEx Freight as it executes a focused strategy and builds on its position as the largest North American LTL freight carrier with industry-leading transit times, service levels, and reliability.”
John Smith, the incoming president and CEO of FedEx Freight, will also serve as a director, alongside eight other highly experienced leaders across the transportation and logistics, supply chain management and technology sectors.
“I look forward to working with our incoming directors upon completion of the spin-off, leveraging their experience and perspectives, while continuing to partner with Brad and our leadership team as we progress toward launching a world-class, independent organization,” Smith said.
Highlights from the Form 10
The Form 10 highlights how FedEx Freight will:
- Leverage its comprehensive national LTL network, industry-leading scale, and premium, differentiated, flexible model to strengthen customer relationships, deliver best-in-class transit times and reliability, and deepen its position in the resilient and attractive LTL market.
- Execute a focused commercial and operational strategy centered on high-growth verticals, technology and infrastructure investment, and ongoing efficiency initiatives to enable meaningful growth, extend its competitive leadership, and maximize the benefits of a streamlined, LTL-focused operating model.
- Drive sustained profitable growth, strong cash generation, and disciplined capital allocation to fund high-return innovation and network investments and responsibly return capital to stockholders over time.
Additional Information
FedEx Freight is expected to be spun off from FedEx on June 1, subject to final approval from the FedEx board of directors and other customary conditions. FedEx Freight’s common stock is expected to be listed on the New York Stock Exchange under the ticker symbol “FDXF.” The planned spin-off of FedEx Freight is intended to be tax-free for FedEx and FedEx stockholders for U.S. federal income tax purposes, except for cash that stockholders may receive (if any) in lieu of fractional shares.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
