In a statement FedEx Corp said, it has named Raj Subramaniam, its operating chief, as its new CEO with effect from June 1, 2022. Subramaniam will succeed FedEx founder Fred Smith, who started the global delivery conglomerate in the 1970’s.

Subramaniam, 54, a director at FedEx, joined the company in 1991. He assumes the top position at a time when the company is facing mounting competition from rivals such as United Parcel Service and Amazon.com.

With the news reaching the market, shares of FedEx rose by 2.5% to $235.75 in extended trading. Smith, 77, will transition to the role of executive chairman, and oversee sustainability, innovation, public policy and other global issues, said FedEx.

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