FedEx Freight remains the largest U.S. less-than-truckload carrier, with medium-term revenue growth expectations of about 4% to 6%.

FedEx reaffirmed its fiscal 2026 adjusted earnings forecast of $19.30 to $20.10 per share for the year ending May 31.

The CFO transition comes amid FedEx’s broader transformation and preparations for spinning off the Freight business.

Claude Russ, FedEx’s Enterprise Vice President, will serve as interim CFO starting June 1 while the company conducts a search for a permanent successor.

The company has already begun the search for Dietrich’s permanent replacement to lead the CFO function.

FedEx will see a leadership transition in its finance team as Chief Financial Officer John Dietrich steps down, effective June 1, with a transition period through late July to ensure a smooth handoff.

The company posted stronger-than-expected third-quarter results, driven by the Express division through higher volume and pricing, marking what FedEx calls the most profitable peak season in its history.

CEO Raj Subramaniam thanked Dietrich for his contributions and expressed confidence in Claude Russ to maintain continuity during the leadership change.

This leadership change follows FedEx Freight’s spin-off into a separately traded company, a process announced in December 2024 and expected to finalize by mid-2026.