The world’s second largest shipping provider, FedEx, is buying out 10% of its U.S. executives!

Company officials refused to give exact numbers.  Don’t feel too bad for those officers and directors, they’ll get anywhere from four weeks to two years worth of pay (depending on how long they worked for FedEx) as part of the buyout.

But this is just the beginning of employee cuts. Fedex officials said they have to radically change up their operations in order to hit a profit target of $1.7 billion USD: “The goal is to explain, at a high level, the most significant organizational realignments we plan to make in the months following the voluntary buyout process. A series of cross-functional teams continue to work on plans for our future structure below the director level. Those details cannot be finalized until after the voluntary buyout process is complete.”-recent FedEx memo to employees