(C) Reuters. FILE PHOTO: Fedex CEO Fred Smith is pictured at a business roundtable meeting of company leaders and U.S. Republican Presidential candidate Mitt Romney in Washington, June 13, 2012. REUTERS/Jason Reed
By Jessica DiNapoli
NEW YORK (Reuters) – FedEx Corp (NYSE:FDX) investors approved billionaire CEO Fred Smith’s $54 million pay plan on Monday at the company’s annual meeting, after it came under scrutiny by a union for including a re-instated cash bonus and extra stock options.
The Teamsters labor union said the pay package amounted to “double dipping” because Smith received stock options instead of a cash bonus last year after the pandemic hit, and then later was also awarded the cash bonus.
FedEx asked investors to support its executives’ pay packages in a supplementary securities filing made this month, explaining that the board’s compensation committee made “decisions in real-time, based on the best information available.”
FedEx investors approve CEO Fred Smith’s pay
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