FedEx names Sriram Krishnasamy as Chief Digital & Information Officer

Sriram Krishnasamy, currently EVP and Chief Transformation Officer, FedEx and the President & CEO, FedEx Dataworks, will serve as Chief Digital and Information Officer w.e.f. July 1, 2024.

"In this role, Krishnasamy will lead the FedEx IT and FedEx Dataworks teams to unleash the power of FedEx intelligence to further serve FedEx global operations and customers. Given the critical role of technology, systems and data insights in supporting key DRIVE efforts, he will also retain his role as EVP and Chief Transformation Officer, says an official release.

Since joining FedEx in 1997, Krishnasamy has worked at multiple FedEx operating companies and held leadership positions around the globe, the release added. "His 20+ years of experience at FedEx has contributed to his deep knowledge of the network and an unrelenting curiosity about the role of supply chains in connecting the world."

Raj Subramaniam, President & CEO, FedEx says: “Under the leadership of Sriram, FedEx launched Dataworks, which focuses on harnessing the power of our data, while leading our DRIVE effort, the most significant transformation in our company’s history. His leadership will be critical as we continue to leverage our extensive operational expertise to become a data-driven, digital-first company that provides transportation and digital solutions for everyone, from everywhere.”

FedEx announced the retirement of Robert B. Carter, EVP, FedEx Information Services & CIO, FedEx and co-President & co-CEO of FedEx Services, after a career for 31 years at FedEx. Carter will step down from his current roles effective June 30, 2024, and will remain with the company as a senior advisor until December 31, 2024, to help ensure a successful transition, the release added.

“Rob has had a distinguished career at FedEx, most recently leading FedEx in modernising our IT infrastructure for our network that ships 15 million packages per day around the globe,” says Subramaniam. “I am immensely grateful to Rob for his numerous contributions in establishing FedEx as an innovative, data-driven, and people-focused company and wish him all the best in his well-deserved retirement.”

DRIVE, revenue quality focus drive earnings
FedEx reported a 19 percent increase in operating income at $1.24 billion for the third quarter ended February 29 on execution of the company's DRIVE programme and the continued focus on revenue quality. While revenue declined two percent to $21.7 billion, operating margin increased to 5.7 percent from 4.7 percent during the same period last year.

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Focus on DRIVE, revenue quality improves FedEx operating income

FedEx is banking on its DRIVE programme to reduce more than $4 billion in structural costs by FY25. Managed by Krishnaswamy, DRIVE has already identified 14 domains for efficiency improvements under three operations - FedEx Express, FedEx Ground and Shared & Allocated Expenses.

While FedEx Express is likely to save $1.4 billion by FY25, FedEx Ground is likely to report savings of $1.1 billion and Shared & Allocated Expenses will decline by $1.5 billion.

Also Read:FedEx DRIVE to save $4bn by FY25