By Sabela Ojea


FedEx said Monday that it named John Dietrich as its chief financial officer and executive vice president, effective on Aug. 1.

The delivery company said Dietrich will replace Michael Lenz in the role, who will be retiring on July 31.

"Together, we will deliver on the tremendous opportunity FedEx has to expand margins and improve returns as we build off a lower cost base, which will deliver significant long-term value for our stockholders," Dietrich said.

Newly appointed Dietrich, with three decades of experience in the aviation and air cargo industries, most recently served as the chief executive officer of the airfreight and aviation services company Atlas Air Worldwide.

On June 20, FedEx said it had initiated an external search to identify a successor for Lenz, who replaced Alan Graf in the role in 2020.

Lenz will remain with the company on a senior advisor position until the end of the year to help ensure a smooth transition of responsibilities.

At 14:28 E.T., Fedex shares fell 0.9% to $255.21.


Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix


(END) Dow Jones Newswires

07-17-23 1449ET