Reuters exclusively reports FedEx faces labor union challenge over billionaire CEO’s pay

Reuters exclusively reported that the Teamsters labor union said FedEx Corp shareholders should reject founder and CEO Fred Smith’s $54 million pay package because the logistics company gave him stock options after scrapping a cash bonus in the wake of the COVID-19 pandemic, only to reinstate it later. Smith, whose net worth is pegged by Forbes at $5.8 billion, was given a special option award “for motivation and retention purposes” in June 2020 after FedEx canceled a $3.4 million cash bonus for him, citing uncertainty around the COVID-19 pandemic.