By Sabela Ojea
FedEx said Tuesday that Chief Financial Officer Michael Lenz is retiring, effective July 31.
The delivery company has started an external search to idenfity a successor for Lenz, who replaced Alan Graf in the role in 2020.
Lenz will serve as a senior advisor until the end of the year to help ensure a smooth transition of executive responsibilities.
FedEx's executive changes come as the company reports a drop in revenue in the latest quarter.
Shares fall 4.5% to $221.02 in after-hours trading.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
06-20-23 1634ET