FedEx releases its buyout blueprint - Mid-South News, Weather, Traffic and Sports | FOX13

FedEx releases its buyout blueprint

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MEMPHIS, Tenn. (FOX13) -

FedEx issued a buyout blueprint on Wednesday of who is staying and who is going. The Memphis-based company announced its first wave of voluntary buyouts.

Employees received an internal memo, outlining some of the personnel changes that will happen over the next several months.

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A FedEX spokesperson told FOX13 News some of the top executives plan to leave. Ten percent of the company's United States-based directors and officers" will take advantage of the company's buyout packages.

This will help FedEx get closer to its goal  of improving profitability by $1.7 billion by the end of the 2016 fiscal year.

READ FEDEX INTERNAL MEMO

FedEx announced in December 2012 its plans to cut cost and become more efficient without sacrificing service to its customers.

The company also said it would offer some employees up to two years salary to leave early as part of the streamlining process.

Wednesday's memo that was sent to employees is the first to reveal anything  about who is eligible for the buyouts. The internal e-mail also stated other FedEx employees will find out Friday, Feb. 15 via e-mail if they are eligible to consider the buyout.

If they are, they have until April to apply. They'll be told in May if they're accepted and the first wave of employees will leave on Friday, May 31.

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