FedEx Corp. Elects David Steiner, Waste Management CEO, As New Director

MEMPHIS, Tenn.--(BUSINESS WIRE)--Shareowners of FedEx Corp. (NYSE: FDX) today elected David P. Steiner, the chief executive officer and a director of Waste Management, Inc., the leading provider of comprehensive waste management and environmental services in North America, to the corporation’s Board of Directors for a one-year term. The Board has appointed Steiner as a member of its Audit Committee.

“David’s proven leadership skills and high level of personal and professional ethics will further strengthen the independence and quality of our Board of Directors”

“David’s proven leadership skills and high level of personal and professional ethics will further strengthen the independence and quality of our Board of Directors,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp.

Before becoming Waste Management’s CEO in March 2004, Steiner was the company’s chief financial officer. Prior to that, he was its general counsel. He joined Waste Management in 2000 from Phelps Dunbar LLP, a New Orleans-based law firm, and was previously an attorney at Gibson, Dunn & Crutcher LLP. He was awarded a law degree from the University of California at Los Angeles and a bachelor’s degree in accounting from Louisiana State University. He currently serves on the board of directors of Tyco Electronics Ltd., in addition to Waste Management and FedEx.

At today’s annual meeting, shareowners also reelected the other eleven director nominees, each for a one-year term: Frederick W. Smith, James L. Barksdale, John A. Edwardson, Judith L. Estrin, J.R. Hyde, III, Shirley A. Jackson, Steven R. Loranger, Gary W. Loveman, Susan C. Schwab, Joshua I. Smith and Paul S. Walsh.

The shareowners took the following other actions at the annual meeting:

Ratified the appointment of Ernst & Young LLP as FedEx’s independent auditors for fiscal 2010.
Did not approve any of the four stockholder proposals:
- A proposal requesting the adoption of a policy that the Chairman of the Board be an independent director who has not previously served as an executive officer of FedEx.
- A proposal requesting that shareowners of 10% of FedEx’s outstanding stock be given the power to call special shareowner meetings.
- A proposal requesting that shareowners be given the opportunity at each annual meeting to vote on a non-binding resolution to ratify the compensation of FedEx’s named executive officers.
- A proposal requesting the adoption of principles for health care reform based upon principles issued by the Institute of Medicine of the National Academy of Science.

Corporate Overview

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $34 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 275,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.