The Associated Press has reported that "he top executive at FedEx Corp. saw his total compensation package drop by about 4 percent in the latest fiscal year, an Associated Press analysis shows. President and CEO Fred Smith took home a salary of about $1.19 million for the fiscal year ending in May, according to a filing late Monday with the Securities and Exchange Commission. That's about 12 percent lower than his 2009 salary of nearly $1.36 million — the result of FedEx's companywide pay cuts it made when the recession was at its worst point. FedEx announced broad-based cost cuts about halfway through its 2009 fiscal year, which included a 20 percent pay cut for Smith, a 7.5 to 10 percent cut for other executives and a 5 percent cut for thousands of others. The pay cuts were permanent; other benefits including retirement plan contributions and bonuses have been reinstated." Read more!