On January 12, 2026, Stephen E. Gorman notified the board of directors of FedEx of his decision to resign from the Board effective upon his joining the board of directors of FedEx Freight upon the planned spin-off of FedEx Freight by FedEx. There were no disagreements between Mr. Gorman and FedEx or the Board on any matter relating to FedEx?s operations, policies, or practices or any other matter. in connection with the Spin-Off, Stephen E. Gorman resigned from his position as a member of the Company?s Board of Directors (the ?Board?), as well as his position as a member of the committees thereof, in each case, effective as of immediately prior to the Effective Time (June 1, 2026) to join the Board of Directors of FedEx Freight.
In addition, effective as of immediately prior to the Effective Time, the Board decreased its size from thirteen to twelve members.
