Indian American Raj Subramaniam would be the new Chief Executive Officer of FedEx, according to an announcement made Monday by the US multinational courier delivery giant. Subramanian would replace Frederick W Smith, chairman and CEO, who will step down from this position on June 1. He will now be its executive chairman.

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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, Smith said in a statement. In his new role, Smith said he looks forward to focusing on Board governance as well as issues of global importance, including sustainability, innovation, and public policy. Smith had founded FedEx in 1971.

Fred is a visionary leader and a legend of the business world. He founded one of the world's greatest and most admired companies, and it is my honour and privilege to step into this role and build upon what he has created, Subramaniam said in a statement issued by FedEx. Headquartered out of Tennessee, FedEx has 600,000 employees globally.

Subramaniam was elected to the FedEx Board of Directors in 2020 and will maintain his seat on the Board, the company said. Prior to his role as president and Chief Operating Officer of FedEx Corp., Subramaniam was president and CEO of FedEx Express, the world's largest express transportation company. He also served as executive vice president and chief marketing and communications officer of FedEx Corp., where he was responsible for developing the corporate strategy.

In addition, he served as the president of FedEx Express in Canada and in several other management and marketing roles throughout Asia and the US since he joined FedEx in 1991. Raj is an accomplished and proven leader, and he has the full support of the Board. He has more than 30 years of global experience across strategy and operations and has led the company through a period of tremendous growth. I am confident that Raj will build on this foundation and take the company to even greater heights, said David Steiner, chair of the Board's Governance, Safety, and Public Policy Committee.