Release #: FDX 23.13
December 28, 2023

FedEx Pilots Respond to $1 Billion Share Repurchase Agreement

MEMPHIS—The FedEx pilots, represented by the Air Line Pilots Association, Int’l (ALPA), have responded to the Company’s announcement of a $1 billion accelerated share repurchase agreement as part of its commitment to enhance capital returns to stockholders. Capt. Billy Wilson, chair of the FedEx ALPA Master Executive Council, issued the following statement in response:

“This announcement comes as FedEx pilots have been in contract negotiations since May 2021. During this time, airlines such as American, Delta, United, and, most recently, Southwest have made the right choice to invest in their pilot employees with solid contracts.

“The choice between investing in employees versus opting for stock buybacks is a critical one. Investment in employees lays the foundation for sustainable, long-term growth. It also lays the groundwork for a resilient and prosperous future. In an increasingly competitive pilot job market, investing in the pilots’ contract retains talent already on the property and positions management to recruit the next generation of FedEx pilots. It also stabilizes the workplace as FedEx seeks to reform its structure.

“FedEx must consider that prioritizing and investing in its employees will pay dividends for years to come. While stock buybacks may offer short-term gains in stockholder value, the long-term success of FedEx hinges on the strength and capability of its workforce.”

Founded in 1931, ALPA is the largest airline pilot union in the world and represents more than 77,000 pilots at 43 U.S. and Canadian airlines. Visit ALPA.org or follow us on Twitter @ALPAPilots.

-###-

CONTACT: ALPA Media, 703-481-4440 or Media@alpa.org