'Challenge and change' ahead: Fred Smith's letter to FedEx shareholders

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Fred Smith, chairman of FedEx, has written to shareholders about the “challenge and change” at the company – and has outlined why FedEx broke with Amazon.

“It was the correct decision to end these contracts — which were not long-term in nature and were declining in profitability — and train our eye on the larger e-commerce market,” Mr Smith wrote. “While the Amazon volume represented only a small portion of FedEx revenue, the last bit of volume has significant flow-through to ...