FedEx Consolidates Delivery Units and Outlines Cost Reduction Plans.
FedEx will combine its air, ground parcel, and FedEx Services businesses into one organization called Federal Express Corp, effective June 1, 2024, under the new organizational structure called One FedEx. FedEx Freight, the company's LTL operation, will continue to operate as a stand-alone entity within the new corporation. The move is part of the company's Drive program, a multilayered cost initiative aimed at saving $4 billion by the end of fiscal 2025. The company has been moving toward a unified corporate and operational vision for several years.