FedEx chair bullish on commitment to Memphis

MEMPHIS, Tenn. (AP) -- The founder and chairman of FedEx Corp. says the world's second-largest package delivery company remains committed to Memphis despite a restructuring that will mean cutting jobs, aircraft and underused assets.

CEO Frederick Smith said continued growth at the FedEx Express world hub and other Memphis-based enterprises should benefit the city.

He made the comments near the end of the 2012 Investors & Lenders Meeting.

The Commercial Appeal reports Smith said most of the cost cuts will come in the company's Express and Services units, which have been hurt the most by the global economic conditions.

He said a voluntary buyout program announced in August should reduce "fixed head count by several thousand people."

A "substantial" number were expected to come from Memphis, though the total might not be known until next year.


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