FedEx Corp. Founder Fred Smith Will Step Down as CEO in June

FedEx CEO Fred Smith (C) appears at a signing ceremony where President Donald Trump signed an Executive Order that establishes a National Council for the American Worker, in the East Room of the White House on July 19, 2018. Andrew Harnik/AP Photo

FedEx Corp. said Monday that Fred Smith will step down on June 1 as CEO of the package-delivery company that he founded and be succeeded by the company’s president and chief operating officer.

Raj Subramaniam will serve as both CEO and president and Smith will become executive chairman, the package-delivery company said.