FedEx is slashing the pay of founder and CEO Fred Smith.
Smith will get a pay cut of - 91% for the six months that began April 1, as mentioned in the company ‘s regulatory filing.
Also, to increase its cash position amid current coronavirus-induced disruption to commercial paper markets and financial markets, the delivery company is drawing down $1.5 billion from its credit line.
FedEx indicted that it expects to benefit from the government’s $2 trillion fiscal stimulus package.