By Jessica DiNapoli
NEW YORK (Reuters) – FedEx Corp investors approved billionaire CEO Fred Smith’s $54 million pay plan on Monday at the company’s annual meeting, after it came under scrutiny by a union for including a re-instated cash bonus and extra stock options.
The Teamsters labor union said the pay package amounted to “double dipping” because Smith received stock options instead of a cash bonus last year after the pandemic hit, and then later was also awarded the cash bonus.
FedEx asked investors to support its executives’ pay packages in a supplementary securities filing made this month, explaining that the board’s compensation committee made “decisions in real-time, based on the best information available.”
(Reporting by Jessica DiNapoli in New York)
