Shareowners of FedEx Corp. elected Steven R. Loranger, Chairman, President and Chief Executive Officer of ITT Corporation, to the corporation's Board of Directors for a one-year term. The Board of Directors has appointed Loranger as a member of its Audit committee.
"We are thrilled to have Steve join our Board of Directors," said Frederick W. Smith, Chairman, President and Chief Executive Officer of FedEx Corp. "His leadership experience and high level of personal and professional ethics, integrity and values will further strengthen the independence and quality of the FedEx Board."
Before being named to his current position at ITT Corporation, a global, multi-industry engineering and manufacturing company, Loranger was Executive Vice President and Chief Operating Officer of Textron, Inc., a global aircraft, industrial and finance company.
At its annual meeting, shareowners also re-elected the other 13 director nominees, each for a one-year term. They are: Frederick W. Smith, James L. Barksdale, August A. Busch IV, John A. Edwardson, Judith L. Estrin, J. Kenneth Glass, Philip Greer, J.R. Hyde III, Shirley A. Jackson, Charles T. Manatt, Joshua I. Smith, Paul S. Walsh and Peter S. Willmott.
The shareowners also approved management's proposal to amend FedEx's certificate of incorporation and bylaws to eliminate all supermajority voting positions, and they ratified the appointment of Ernst & Young LLP as FedEx's independent auditors for fiscal 2007. However, they did not approve the other two shareowner proposals, one of which requested that FedEx provide for directors to be elected by majority vote, as opposed to the existing plurality standard, and the other requested that FedEx report on the scientific and economic analyses relevant to the corporation's environmental policy concerning greenhouse gases.