- THE MAGAZINE
FedEx Corp. announced that its Board of Directors has authorized a new share repurchase program of up to 32 million of its outstanding shares of common stock.
These shares augment the remaining 7.4 million shares authorized for purchase under the existing share repurchase program. The shares may be repurchased from time to time in the open market or in privately negotiated transactions.
“The stock buyback plan reaffirms our confidence in the company’s strategy and long-term growth potential. It also demonstrates our ongoing commitment to delivering value to our shareowners,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. “Our strong balance sheet provides us with the flexibility to initiate this stock repurchase program while continuing to execute our strategic growth initiatives.”
Repurchases will be made from time to time at the company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. No time limit was set for the completion of the repurchase program, and the program may be suspended or discontinued at any time.
During the first quarter of fiscal 2014, the company repurchased 2.8 million shares of its common stock. On September 30, 2013, there were 317 million common shares outstanding.