Good to see people at the top are being forced to make some concessions instead of it always being the workers.

FedEx executives will not receive their annual incentive bonus in 2021, and the Memphis company’s long-term bonus structure has been tweaked by its board of directors amid a turbulent period for the logistics giant.

FedEx said eliminating fiscal year 2021’s annual incentive compensation plan was due to “the current economic and business uncertainty resulting from the COVID-19 pandemic” in a regulatory filing Friday.

FedEx didn’t provide an annual incentive compensation payout in fiscal 2019 and said in October it didn’t expect to have one in 2020, either.

FedEx has nixed these bonuses during a challenging stretch for the company. A global economic slowdown, the costly integration of TNT Express in Europe and volume shifting from commercial shipments to costlier residential deliveries are among the reasons FedEx has struggled the past several quarters.

COVID-19 has made matters worse.

“The COVID-19 pandemic and resulting significantly weaker global economic conditions have negatively impacted our results of operations and are expected to continue to impact our business, results of operations, cash flows and liquidity,” FedEx said in an April filing.
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