FEDEX voluntary redundancy programme has reportedly
accounted for 10 per cent of the company's senior management, and that over 20
vice-presidents and managing directors will be leaving the company.
While this has not been confirmed by FedEx, the move is
said to be part of a cost reduction plan announced in October to achieve an
"annual profitability improvement of US$1.7 billion in three years, with a
big portion achieved in 2015.
Bloomberg said redundancies come because of a shift from
air freight to sea and road transport by major shippers, resulting in as many
as 5,000leaving FedEx in the next 18 months.
Job losses are said to hit FedEx Express and FedEx
Services and were in addition to further cost cutting at FedEx Freight and
FedEx Ground, reported the UK's Transport Intelligence.
Bloomberg quoted a FedEx spokesman who said it was a move
to a new organisational structure, but would not confirm the number of jobs to
be lost, adding that offers of more voluntary redundancies are expected this
month.
FedEx's founder and CEO Fred Smith said in October that
the cost reduction strategy was "closely tied to effective yield
management. With slow economic growth the cost reduction is essential to
achieve our financial goals".
Source : HKSG.
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