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: FedEx founder Fred Smith to step down as CEO

FedEx Corp. founder Fred Smith announced plans to step down from the chief executive role Monday, and will be replaced by the logistics company’s president and chief operating officer.

Smith will become executive chairman as of June 1, and Raj Subramaniam will be elevated to CEO, the company revealed Monday. FedEx
FDX,
+1.54%

began operations under Smith’s leadership in 1973, and he has grown the company from less than $1 billion in annual revenue as recently as 1982 to more than $83 billion in sales last year.

“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said in Monday’s announcement. “As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future.”

FedEx shares rose more than 2% in after-hours trading following the announcement.

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