FedEx’s Chief Executive to Retire in January

Theodore L. Weise, chief executive of Federal Express Corp., plans to retire at the end of January, after 28 years with the world’s leading overnight package-delivery service. Weise, 55, will be succeeded by David J. Bronczek, 45, currently chief operating officer, who has been with the company for 23 years. Weise, who held a number of senior management positions with FedEx, became the cargo airline’s president and CEO in 1998 after a corporate restructuring that created a parent company, FDX Corp. “Ted has been at my side since the very beginning, consistently providing invaluable counsel and strong leadership in numerous capacities,” said Frederick W. Smith, chief executive of the Memphis, Tenn.-based FDX Corp. and founder of Federal Express. Weise will continue as a consultant on air operations for the company. The retirement has nothing to do with the company’s disappointing first-quarter results, Weise said. The retirement plans were announced after the close of trading on the New York Stock Exchange. FDX gained 44 cents to close at $42.75.