The International Brotherhood of Teamsters is urging shareholders of FedEx to vote to split the chairman of the board job and the chief executive’s role, according to a report from Reuters. The proposal to revamp the company’s top leadership is one of several resolutions up for vote at the company’s annual meeting, which will take place in late September in Memphis, Tennessee. Currently, CEO Frederick W. Smith holds both the CEO title and that of chairman. FedEx opposes the Teamsters’ proposal and has urged shareholders to reject it. A similar proposal last year failed to pass after it garnered just 34 percent. The Teamsters, which represents the drivers of FedEx’s main rival UPS, have had a long-running dispute with FedEx, which classifies its drivers as self-employed.
Teamsters Target FedEx in Vote to Split CEO and Chair
FedEx claims the proposal is an attempt on the part of the Teamsters to advance their own interests over that of the company.
August 31, 2009