FedEx executives get maximum bonuses
Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp., received his maximum annual bonus payment of $2.68 million following the Memphis-based company’s record profits for its last fiscal year.
In 2003, FedEx’s compensation committee established a three-fiscal-year incentive cash bonus plan for members of upper management based on an aggregate earnings-per-share target.
“Maximum bonuses were awarded to all eligible participants because FedEx’s performance substantially exceeded the plan goal,” FedEx said.
For its fiscal year ended May 31, FedEx’s net income jumped 25 percent to $1.81 billion while revenue increased 10 percent to $32.3 billion.
Bonus payments for the 2006 fiscal year also went to:
* David J. Bronczek, FedEx Express’ president and CEO, $1.2 million.
* Alan B. Graf Jr., FedEx Corp.’s executive vice president and chief financial officer, $994,460.
* Daniel J. Sullivan, FedEx Ground’s president and CEO, $872,425.
* T. Michael Glenn, FedEx Corp.’s executive vice president, market development and corporate communications, $926,530.
For the full three year period of the incentive plan the five executives have received the following: Smith, $3.4 million; Bronczek, $1.5 million; Graf, $1.1 million; Sullivan, $900,000; and Glenn, $1.1 million.
FedEx executives get maximum bonuses
