MEMPHIS: Bill Margaritis, corporate VP of global communications and investor relations at FedEx, will leave his position at the end of this year after taking a buyout package.
“During his 16 years with the company, [Margaritis] has contributed immensely to building and protecting the FedEx reputation and culture and supporting the business,” said Michael Glenn, FedEx's EVP of market development and corporate communication and president and CEO of FedEx corporate services, in a memo to staff. “As corporate VP for global communications and investor relations for FedEx Corporation, [Margaritis] and his team have told the FedEx story in compelling and innovative ways to our stakeholders around the world including customers, shareowners, thought leaders, news media, and team members.”
No replacement was named in the memo.
The shipping company said in August that it would offer some US-based employees voluntary buyouts. It said it had to cut expenses due to the European financial crisis and slower Asian growth. FedEx began the buyout program earlier this month.
Margaritis told PRWeek that the buyout program and reorganization will affect the marketing and communications units at FedEx, but it is too early to say specifically how it will do so. He added that the company has an “orderly transition plan” in place for the short period between his last day on the job and the unveiling of the new structure. During that time, Glenn will oversee Margaritis' direct reports.
The bellwether is also planning to release its highly anticipated fiscal second quarter earnings report on Wednesday.
Margaritis said he will enjoy some downtime before taking a position with another company.
“I'm going to take a little time off, spend some time with the family, and do some traveling, and within a short period of time get back into the action,” he said. “I'm very eager to apply what I've learned and my skills to a new organization, one that appreciates the value of corporate communications.”
Margaritis was No.13 on PRWeek's most recent Power List, which ranks the most influential communicators in the industry. He was cited for having helped to “mobilize FedEx employees as ambassadors, empowering them to tell the company's story through video and social media.” Margaritis made regular appearances on the Power List in recent years.
In 2009, he was also named president of the Arthur W. Page Society. Margaritis said he plans to continue to serve on the organization's board.
This story was updated on December 18 with quotes from Margaritis.