FedEx’s head of its tech division is leaving the corporate after a monthslong investigation into claims that his unit was inflating its efficiency, in accordance with a report.
Sriram Krishnasamy, the corporate’s chief digital and data officer, and FedEx had “mutually agreed” that he would instantly step down from his position, in accordance with a securities submitting late Thursday.
The longtime government, who began at FedEx in 1997, will stick with the corporate as an government adviser by October or probably earlier, the submitting stated.
His abrupt departure follows an inner investigation into claims that the enterprise efficiency of his unit had been inflated, sources acquainted with the matter advised the Wall Road Journal.
Thursday’s submitting didn’t point out the probe.
Shares in FedEx fell 1.4% Friday.
FedEx and Krishnasamy didn’t instantly reply to The Publish’s requests for remark.
FedEx stated that the investigation was right into a personnel matter inside the firm’s IT division, which Krishnasamy oversaw.
Krishnasamy additionally ran a unit inside the IT division, referred to as FedEx Dataworks, that makes use of logistics knowledge from the agency’s personal delivery operations to assist corporations streamline their provide chains.
The corporate and Krishnasamy “are finalizing the compensation and other terms” associated to his exit, in accordance with the submitting.
The info and know-how group will report back to FedEx CEO Raj Subramaniam as the corporate prepares a transition plan.
Krishnasamy took over the position of chief digital and data officer in June 2024.
Since becoming a member of the corporate as a monetary analyst almost three a long time in the past, he has held management positions within the firm world wide, together with positions in Dubai, Belgium and India, in accordance with the agency’s web site.
Final month, FedEx executives warned that they had been anticipating a monetary hit within the present quarter on account of President Trump’s commerce struggle, which has upended international delivery and commerce.
Corporations rushed to import items forward of the tariff deadlines earlier this yr, inflicting a surge at ports.
FedEx management additionally stated the corporate was withholding its monetary forecast for the present fiscal yr on account of commerce uncertainties.
The corporate’s inventory is down about 17% up to now this yr.
