FedEx finalizes leadership team of upcoming freight division spin-off with CFO appointment

Oct 6 (Reuters) – FedEx said on Monday it has appointed former company executive Marshall Witt as the finance chief of its freight trucking unit, effective October 15, completing the leadership team for the division that is set to spin off in June 2026. The parcel carrier had announced the appointment of veteran executive John Smith as CEO and insider Brad Martin as the chairman of the less-than-truckload unit. The appointment completes soon-to-be-independent FedEx Freight's leadership lineup. Analysts have often said the segment is undervalued within FedEx, despite its dominance in the U.S. less-than-truckload market. Witt previously served as CFO of technology company TD Synnex for 12 years, where he managed the 2020 spin-off of Concentrix. Prior to that, he held various roles for over 15 years at FedEx, mainly within the freight finance unit. The spin-off is part of FedEx's broader effort to streamline operations and sharpen focus on its core parcel and express businesses. FedEx Freight, which analysts at Citi say could be valued between $30 billion and $35 billion, serves businesses across the manufacturing and retail sectors. The unit consolidates multiple shipments from different customers headed to similar destinations onto a single truck, and generated $8.89 billion in revenue in FY25. FedEx Freight operates around 355 service centers and employs roughly 40,000 people across North America, handling nearly 90,000 shipments each day. (Reporting by Abhinav Parmar in Bengaluru; Editing by Vijay Kishore)

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