US package delivery company FedEx Corp (FDX) on Monday named Raj Subramaniam as its new chief executive officer effective June 1, succeeding Fred Smith, who founded the company in 1973.
Smith will transition to the role of executive chairman, overseeing sustainability, innovation, public policy and other global issues, FedEx said.
“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said in a news release. “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.”
Subramaniam joined FedEx in 1991 and is currently the company’s chief operating officer. He takes the helm as the company faces mounting competition from historical rival United Parcel Service (UPS) and former customer Amazon (AMZN).
FedEx employs around 600,000 people around the globe, according to its website, and handles over 16.5 million shipments daily.
- CNN Business’ Rob McLean contributed to this report
