FDX

FedEx slashes CEO's salary, draws $1.5 bln from credit line

Credit: REUTERS/MIKE BLAKE

April 3 (Reuters) - FedEx Corp FDX.N said on Friday it would slash its chief executive officer's pay and draw down $1.5 billion from a credit facility as delivery services take a hit from coronavirus-led lockdowns across the globe.

The company, which also suspended its financial outlook, said its board had approved a 91% reduction in CEO Frederick Smith's base salary for six-month period from April 1 to Sept. 30.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

((ankit.ajmera@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 2596;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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