Shipping and logistics company FedEx Corp (NYSE:FDX) announced Tuesday morning a change to its CEO to happen later in 2022 as its founder and longtime CEO will step down. Here’s a look at how shares have performed since their IPO.
What Happened: FedEx announced Fred Smith, the founder, CEO and chairman of the company, will step down on June 1, 2022, and transition to the executive chairman role, according to Benzinga Pro.
Smith will be replaced in the CEO role by Raj Subramaniam, who currently serves as the chief operating officer and president at FedEx. He joined FedEx in 1991 and was elected to the company’s Board of Directors in 2020.
Related Link: FedEx Promotes Raj Subramaniam To Succeed Frederick Smith As CEO
FedEx went public in April 1978 at $24 a share and was later listed on The New York Stock Exchange in December 1978.
Investing $1,000 In FedEx: A $1,000 investment in FedEx shares at its $24 IPO price could have purchased 41.67 shares of the company.
FedEx completed a total of five stock splits in the years 1978, 1980, 1983, 1996 and 1999. Each split was a two-for-one, which doubled the number of shares of FedEx stock held by an investor.
The stock splits took the 41.67 shares to a total of 1,333.44 over the course of the five transactions.
The 1,333.44 shares are valued at $318,212.12 today based on the current $238.64 price of FedEx shares.
The hypothetical investment in FedEx at the IPO is up 31,721%. An investor would have gained an average of 720.9% annually in their investment in FedEx shares over the last 44 years.
