FedEx CFO John Dietrich to step down after Freight spinoff completes

FedEx said John Dietrich will step down as executive vice president and chief financial officer on June 1, the same day the company expects to complete the FedEx Freight separation. Dietrich will remain with the company through July 31 to help with the transition, making the move a managed handoff rather than an abrupt exit.

Claude Russ, FedEx enterprise vice president for Finance, will serve as interim CFO beginning June 1 while the company conducts an internal and external search for a permanent successor. The change comes as FedEx pushes ahead with one of its most significant restructuring steps in years, carving Freight out into a separately traded company.

FedEx first announced its intent to separate FedEx Freight on December 19, 2024. The new company will focus on less-than-truckload freight transportation services, including FedEx Custom Critical and LTL Select. FedEx has said the separation remains on track for completion on June 1, 2026, and Freight has already taken a key financing step by issuing $3.7 billion of senior notes on February 5.

The unit being split off is not a side business. FedEx Freight is the largest less-than-truckload provider in the United States, and its investor-day targets point to a business that management expects to grow steadily rather than explosively. Freight set medium-term goals of 4% to 6% revenue growth, 10% to 12% adjusted operating income growth, an adjusted operating margin of about 15%, more than $1 billion in annual free cash flow and leverage below 2.5 times. It also said expected fiscal 2026 revenue is about $8.7 billion and adjusted operating income is about $1.1 billion.

FedEx’s latest quarterly results showed the parent company entering the spin-off with solid momentum. In the third quarter of fiscal 2026, it reported adjusted diluted earnings per share of $5.25 on revenue of $24.0 billion. On March 19, the company raised its fiscal 2026 adjusted EPS outlook to $19.30 to $20.10, underscoring confidence in the core business even as it prepares to separate Freight.

The CFO transition, then, looks less like a reaction to trouble than a leadership change synchronized with a broader corporate simplification. As FedEx moves toward June 1, investors will be watching the new capital structure, the eventual permanent finance chief and how clearly the market values the parcel network and the freight business once they stand on their own.