Teamsters Take On FedEx Monday, August 31, 4:59 PM ET
The International Brotherhood of Teamsters is teaming up against FedEx (FDX). The union urged shareholders Monday to support its attempt at splitting the roles of FedEx chairman and CEO.
The proposal is up for a vote at the company's shareholder meeting in September. The Teamsters say that the current, joined position of chairman & CEO at FedEx, filled by Fred Smith, has meant poor performance, excessive executive pay and questionable business strategies. FedEx has opposed the Teamsters' proposal.
A similar measure failed last year, and this is not the first run-in between the Teamsters and FedEx.
The Teamsters said that the FedEx Ground business model, which treats drivers as " 'independent contractors'" has allowed FedEx to evade expenses like payroll taxes, overtime pay and benefits." Drivers at FedEx rival UPS (UPS) do belong to the Teamsters.
FedEx shares trading down about one and three quarter percent Monday.
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