Investor Dan Loeb’s decision to take a stake in FedEx Corp. is poised to heighten scrutiny of the role played by Fred Smith, who has run the airfreight company since its founding more than 40 years ago.
Daniel Loeb, the activist investor who has pushed for change at companies including Sony Corp., said his Third Point LLC has taken a stake in FedEx Corp., operator of the world’s largest cargo airline.
Fred Smith has taken FedEx Corp. from an idea in a college essay to the world’s biggest cargo airline over the past four decades. Now the company has to figure out how to plan for the founder’s eventual departure.
FedEx Corp. Chief Executive Officer Fred Smith is misleading the public on air-safety legislation and “bought his way” to be covered by a 1996 labor law that helped his company, a House committee chairman said.
Since founder Jim Casey left United Parcel Service Inc. after more than five decades in charge, the company’s chief executive officers have served for an average of 5 1/2 years. Scott Davis reaches that milestone in June.