FedEx Corp. made significant announcements yesterday, revealing the appointment of John W. Dietrich, formerly the Chief Executive Officer of Atlas Air Worldwide, to the position of Executive Vice President and Chief Financial Officer, commencing on August 1, 2023. This move comes as part of the company’s ongoing transformation efforts, aiming to strengthen its Finance organization strategically.
The company also disclosed other key changes within the Finance department. On July 31, 2023, Michael C. Lenz, the present Executive Vice President and Chief Financial Officer, will begin his transition out of the role. However, Lenz will continue to support FedEx as a Senior Advisor until December 31, 2023, to ensure a smooth transition of responsibilities.
Moreover, the Finance organization will witness significant shifts in responsibilities:
1. Jennifer L. Johnson, who currently serves as corporate vice president and principal accounting officer, will take on an expanded role. She will oversee the consolidation of the company’s international accounting teams into one global organization under her leadership. Furthermore, Johnson will assume responsibility for all controllership functions, encompassing the consolidations process, SEC reporting, statutory reporting, and Sarbanes-Oxley compliance.
2. Leslie M. Benners, the senior vice president of finance and former CFO of FedEx Office and FedEx Services, will now lead the company’s sourcing and procurement efforts with a globally consolidated team. Her focus will be on driving efficiencies to reduce costs across the enterprise.
3. Claude F. Russ, currently serving as the COO of FedEx Dataworks and former CFO of FedEx Freight, will take on the role of Corporate Vice President of Finance Transformation within the corporate Finance team. He will oversee the execution and measurement of enterprise financial objectives, leveraging the DRIVE transformation framework, which he has played a key leadership role in developing. In addition to his prior roles at FedEx, Russ brings valuable experience in financial planning, analysis, and revenue management to his new position.
Raj Subramaniam, the President and CEO of FedEx, emphasized the importance of these changes, stating that the evolution of the Finance leadership team is crucial to the ongoing transformation of the company. He welcomed John W. Dietrich to FedEx, praising his accomplished background and expertise in the transportation industry. Dietrich’s unique combination of financial and operational skills aligns well with the existing executive leadership team, making his appointment particularly significant.
Dietrich boasts an impressive career, having held numerous leadership roles at Atlas Air Worldwide since 1999. His tenure at Atlas Air Worldwide included serving as President and CEO, as well as being a member of the Board of Directors since 2020. With over 30 years of experience in the aviation and air cargo industries, Dietrich’s leadership skills are well-established. Prior to joining Atlas Air Worldwide, he spent 13 years at United Airlines. Currently, Dietrich also holds positions as Chairman of the National Defense Transportation Association, a director on the board of AAR Corporation, a member of the Board of Governors of the International Air Transport Association, and a member and former Chairman of the National Air Carrier Association.
Dietrich expressed his enthusiasm about joining the FedEx team and supporting their various corporate initiatives, including the DRIVE program. He looks forward to driving greater efficiencies, managing costs, and providing innovative solutions to benefit the entire organization while maintaining the outstanding level of service synonymous with the FedEx brand.
In their new and expanded roles, Johnson, Benners, and Russ will report directly to Dietrich, who will also oversee other senior finance leaders responsible for areas such as Treasury, Tax, Internal Audit, and Financial Planning & Analysis. This comprehensive restructuring is aimed at advancing FedEx’s transformation, expanding margins, improving returns, and delivering long-term value for shareholders while upholding the exceptional standards of service for which the company is known.
