FedEx’s chief of technology has left the company following a lengthy investigation into claims that his division overstated its performance.
Sriram Krishnasamy, the chief digital and information officer, and FedEx reportedly “mutually agreed” for him to resign, as stated in a filing made late Thursday.
Krishnasamy, who has been with FedEx since 1997, will continue as an executive advisor for a brief period, according to the same filing.
This unexpected exit comes after an internal probe into allegations regarding the raised business performance of his unit, with sources revealing details to the Wall Street Journal.
The filing did not address the investigation mentioned earlier.
FedEx’s share price dropped by 1.4% on Friday following the news.
Both FedEx and Krishnasamy did not respond promptly to requests for comments.
The investigation, supervised by Krishnasamy, was focused on human resources issues within the IT department.
His role involved overseeing FedEx Dataworks, which leverages logistics data from the company’s own delivery operations to support businesses in optimizing their supply chains.
The filing also indicated that the company and Krishnasamy have “confirmed compensation and other terms” related to his departure.
As FedEx prepares its transition plans, the data and technology team reports directly to CEO Raj Subramaniam.
Krishnasamy assumed the role of Chief Digital and Information Officer in June 2024.
Over nearly three decades, he held various leadership roles across the globe, including in cities like Dubai, Belgium, and India.
Last month, FedEx executives expressed concerns about a financial downturn in the current quarter, citing impacts from President Trump’s trade policies.
Amidst these uncertainties, businesses had hurried to ports earlier in the year to import goods before the tariff deadlines.
This year, the company’s shares have already dropped by around 17%.
Leadership at FedEx also noted that they are withholding financial forecasts for the fiscal year due to ongoing trade uncertainties.
