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About FedEx
FedEx Archives: 1997 Press Releases
( BW)(FEDERAL-EXPRESS)(FDX) FedEx Rewards Employees for Dedication With Approximate $20 Million BonusBusiness Editors MEMPHIS, Tenn.--(BUSINESS WIRE)--Aug. 20, 1997--Federal Express Corp. ("FedEx") (NYSE:FDX) will distribute an approximate $20 million Special Appreciation Bonus to nearly 90,000 U.S. operations employees in recognition of their extraordinary efforts over the past three weeks. The bonus, which will be valued at 10 percent of eligible pay, including overtime, for the 4-week period between July 27 and August 23, will be distributed mid-September to most operations employees. It will be awarded to all permanent U.S. hourly customer-contact and package-handling employees, all U.S. operations managers and the salaried employees who report to those managers. "The last three weeks have been the best example in recent memory of why our People-Service-Profit philosophy sets FedEx apart and why it's the cornerstone of our success," said Frederick W. Smith, FedEx chairman, president and chief executive officer. "It is remarkable -- but not surprising -- that the UPS strike's unprecedented impact on this company brought out the best in our employees. Our people have taken care of our customers through this ordeal. Now it's time to reward the people who shouldered the load." In addition to the Special Appreciation Bonus, FedEx will once again award cash Profit Sharing distributions, equal to 10% of the company's pre-tax profits, to employees in December. Federal Express is the world's largest express transportation company, providing fast and reliable service to 212 countries each working day. The company employs approximately 130,000 people, has nearly 43,000 drop-off locations, and operates more than 580 aircraft and 38,000 vehicles in its integrated global network. FedEx maintains electronic connections with more than 650,000 users via FedEx PowerShip(R), FedEx Ship(R) and FedEx interNetShip(SM). Federal Express reported revenues of $11.5 billion for its fiscal year ended May 31, 1997. --30--KH/na* CONTACT: FedEx Media Relations, 901/395-5007 KEYWORD: TENNESSEE INDUSTRY KEYWORD: TRANSPORTATION URL: http://www.fedex.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com |
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