FedEx Board Authorize New 15 Mln Share Repurchase Program

(RTTNews) - FedEx Corp. (FDX) said Monday that its Board of Directors has authorized a new stock repurchase program of up to 15 million shares of common stock.

The company expects that the share authorization will primarily be used to offset equity compensation dilution over the next several years.

FedEx had 283 million shares outstanding as of September 17.

FedEx also said that its shareholders re-elected all 12 director nominees to the company's Board of Directors, each for a one-year term, at their annual meeting.

Re-elected members of the Board are: Frederick Smith, James Barksdale, John Edwardson, Marvin Ellison, Kimberly Jabal, Shirley Ann Jackson, Gary Loveman, R. Brad Martin, Joshua Cooper Ramo, Susan Schwab, David Steiner and Paul Walsh.

After eight years of distinguished service to FedEx, Steven Loranger retired from the Board.

The shareholders also approved, on an advisory basis, the compensation of FedEx's named executive officers and ratified the appointment of Ernst & Young LLP as the company's independent auditor for fiscal year 2015.

However, the shareholders did not approve any of the shareholder proposals at the meeting.