FedEx to lay off more than 10 percent of its executive team

American cargo giant FedEx announced that it will reduce the number of its employees in clerical and management positions by more than 10 percent in order to become a "more efficient" company. FedEx CEO Raj Subramaniam, in a note sent to his employees, reminded them that they have initiated a transformation study to create a flexible, efficient and smart supply chain and announced that some decisions have been made to ensure that the company remains competitive. Subramaniam, who informed that some teams and functions have been merged, noted that the clerical and management team has been reduced by more than 10 percent. Subramaniam emphasized that reducing the number of employees is a necessary action to become a "more efficient and agile" organization.