FedEx announced that Chief Financial Officer John Dietrich will step down on June 1, following the planned completion of the company's freight unit spinoff.
The move comes as FedEx pushes forward with a major restructuring aimed at sharpening its focus on core delivery services.
The company confirmed that Dietrich will stay on until July 31 to help ensure a smooth transition, Reuters reported.
In the meantime, Claude Russ, currently enterprise vice president of finance, will take over as interim CFO while the board searches for a permanent replacement.
FedEx first revealed plans in December 2024 to separate FedEx Freight into a standalone, publicly traded company.
The spinoff is expected to be finalized by June 2026. The freight division, which focuses on less-than-truckload (LTL) shipping, remains the largest provider of its kind in the United States and is projected to see medium-term revenue growth between 4% and 6%.
Dietrich will vacate the role on June 1 and leave @FedEx on July 31. Claude Russ has been named interim finance chief. https://t.co/BR9M077nev
— Transport Topics (@TransportTopics) April 13, 2026
FedEx Credits Dietrich for Transformation
Dietrich, who joined FedEx in August 2023 after leading Atlas Air, played a key role in guiding the company through a period of transformation.
According to Yahoo, during his tenure, FedEx worked to cut billions in structural costs and rolled out its "Network 2.0" strategy to streamline operations.
These efforts helped drive several quarters of steady profit growth and improved financial performance.
"I want to thank John for his many contributions to the FedEx leadership team as we successfully navigated a significant company transformation," said Raj Subramaniam. He added that the company is confident Russ will provide "seamless continuity" during the leadership transition.
Russ brings more than two decades of experience at FedEx. Over 24 years, he has held several senior roles, including chief operating officer of FedEx Dataworks, senior vice president of revenue management, and CFO of FedEx Freight.
His deep knowledge of the company's financial systems and operations is expected to help maintain stability during the search for a new CFO.
Alongside the leadership update, FedEx reaffirmed its financial outlook for the fiscal year ending May 31.
The company expects adjusted earnings to range between $19.30 and $20.10 per share, supported by strong performance in its Express segment.
Higher shipment volumes and improved pricing helped deliver what FedEx described as its most profitable peak season to date.
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