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Mon, Jan 01, 2024

FedEx Pilots Watch Stock Buyback with Fatigue

FedEx Has Money for Shareholders, but Not for Pilots?

The FedEx pilot base responded to the company's $1 billion share buyback with derision, noting that the company remains in negotiations over an updated contract since 2021.

FedEx will engage in the accelerated share repurchase agreement as "part of its commitment to enhance capital returns to stockholders", according to the Air Line Pilots Association release. Captain Billy Wilson, chair of the FedEx ALPA Master Executive Council, compared the decision to similar air carriers, noting that "American, Delta, United, and, most recently, Southwest have made the right choice to invest in their pilot employees with solid contracts."
 
“The choice between investing in employees versus opting for stock buybacks is a critical one," he continued. "Investment in employees lays the foundation for sustainable, long-term growth. It also lays the groundwork for a resilient and prosperous future. In an increasingly competitive pilot job market, investing in the pilots’ contract retains talent already on the property and positions management to recruit the next generation of FedEx pilots. It also stabilizes the workplace as FedEx seeks to reform its structure."

“FedEx must consider that prioritizing and investing in its employees will pay dividends for years to come. While stock buybacks may offer short-term gains in stockholder value, the long-term success of FedEx hinges on the strength and capability of its workforce.”

FMI: www.alpa.org

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