CEO Kusin to leave FedEx Kinko’s

CEO Kusin to leave FedEx Kinko’s    FedEx Corp. announced that Gary Kusin, chief executive officer of FedEx Kinko’s Office and Print Services has resigned, effective at the end of January.
   FedEx acquired Kinko’s office centers in February 2004 for $2.4 billion to compete with UPS Stores (previously Mailboxes Etc.) and the U.S. Postal Service for small shippers at the retail level. Kinko’s 1,500 locations serve as drop-off sites for FedEx packages in addition to providing high-speed Internet access, video conferencing, printing and other services designed for workers without access to a traditional office.
   No reason was given for Kusin’s departure, but it is common after takeovers for the incumbent chief executive to stay on for awhile to help with the transition before leaving. The Memphis Commercial Appeal, FedEx’s hometown paper, quoted analysts as saying FedEx officials are probably dissatisfied with FedEx Kinko’s low operating income.
   Kusin will be replaced by Kenneth A. May, the company’s executive vice president and chief operating officer. May is a 24-year FedEx veteran who previously served as senior vice president of U.S. domestic ground operations as well as air, ground and freight service at FedEx Express.
   Brian D. Philips, vice president of U.S. marketing for FedEx, will succeed May as COO of FedEx Kinko’s.