FedEx Chief Financial Officer John W. Dietrich will leave his role on June 1, coinciding with the completion of the company's planned spinoff of FedEx Freight into a stand‑alone publicly traded business, the company said in a statement.

Dietrich will remain with FedEx through July 31 to support the transition. 

The parcel giant said Claude Russ, the company's enterprise vice president of finance, will serve as interim CFO while it conducts an internal and external search for a permanent successor. He previously served as CFO of FedEx Freight and currently oversees global financial planning and analysis and has held several senior roles across the company.

Dietrich's departure comes as FedEx prepares to separate its less‑than‑truckload (LTL) business into a stand‑alone publicly traded company, part of a broader restructuring aimed at simplifying its operating model and improving long‑term profitability. 

The less‑than‑truckload carrier has projected US$8.7 billion in fiscal 2026 revenue and US$1.1 billion in adjusted operating income as a stand‑alone company. 

Raj Subramaniam, FedEx president and CEO, thanked Dietrich for helping guide the company through a multiyear transformation and the restructuring that led to the Freight spinoff.

"I want to thank John [Dietrich] for his many contributions to the FedEx leadership team over the last several years as we successfully navigated a significant company transformation and delivered on the upcoming spin of our Freight business," Subramaniam said.

"As we begin the search for John's [Dietrich] successor, I am confident that [Russ's] wealth of experience will ensure seamless continuity and commitment to advancing our strategy," Subramaniam added.