FedEx Hires AutoZone's Jamere Jackson as Its New CFO

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AutoZone's Jamere Jackson will become chief financial officer of FedEx, which is in the middle of a seven-month "transition period" following the spinoff of FedEx Freight. A Monday filing with the Securities and Exchange Commission confirmed the move. He is the permanent successor to Dietrich.

Jackson has been CFO of Memphis-based AutoZone since 2021. Before that he spent two years as CFO of Hertz. His earlier roles include CFO of the data measurement firm Nielsen and various finance positions at General Electric.

The pay package

As FedEx's finance chief, Jackson will receive an annual base salary of $1 million. He also gets a $2 million signing bonus, paid in two installments, one this November and one in November 2027.

A one-time special restricted stock unit award with a grant date value of $5 million will vest over three years. The filing says it is meant to compensate him for the AutoZone equity awards he is giving up.

Jackson will also take part in the company's "transition year 2026" incentive plan, with a target payout of 120% of his eligible earnings during that period. For the same period he receives a restricted stock unit award valued at $766,000 and a stock option award with a grant date fair value of $191,500. Both vest over three years.

A company in transition

The seven-month transition period is meant to align FedEx's reporting with calendar year 2027. With the Freight spinoff, effective June 1, the company moved its fiscal year end from May 31 to Dec. 31. It will report results for the seven months from June 1 to Dec. 31, 2026 in a transition form, according to its annual report published July 20.

After the spinoff and the first quarter of that period, FedEx also realigned its internal reporting and management structure. It now has two reportable segments, Express U.S. Domestic and Express International.

FedEx Freight now trades under the ticker FDXF. It became one of North America's largest less-than-truckload shippers, with a market cap around $16.4 billion. Subramaniam called the spinoff a "pivotal milestone" for both companies.

For fiscal 2026, which ended May 31, FedEx reported net income of $4.4 billion. It exceeded its $1 billion goal for transformation-related cost savings, according to its June 23 earnings release. "We are entering this next chapter positioned to grow while further optimizing our network, lowering our cost to serve, creating meaningful long-term value, and driving robust free cash flow," Subramaniam said in that release.

FedEx is due to report third-quarter earnings for calendar year 2026 on Wednesday, Oct. 28.

Source: CFO Dive