AAL American Airlines Group Inc

By Dave Sebastian and Mark Maurer 

FedEx Corp. said Chief Financial Officer Alan Graf Jr. is retiring Dec. 31, and Mike Lenz, the delivery giant's corporate vice president and treasurer, will take over the role.

Mr. Graf, 66 years old, will serve as finance chief until Sept. 22 and remain as executive vice president and senior adviser through the end of the year to guide the transition, the company said Monday.

Mr. Lenz, 56, will become executive vice president and CFO-elect, effective June 1, FedEx said. He joined the company in 2005 as vice president of finance at FedEx Office and was the staff vice president of strategic finance at the company in 2010. Mr. Lenz previously worked for American Airlines Group Inc.

Mr. Lenz has been given increasing responsibility over the past two years in preparation for the change, said Helane Becker, an analyst at Cowen Inc.

Mr. Lenz likely will have to help manage the long-delayed integration of the company's TNT Express NV acquisition and navigate a balance sheet that has become more debt-heavy in recent years, said David Vernon, an analyst at Sanford C. Bernstein & Co.

Mr. Graf dealt with similar challenges, but supply-chain disruptions from the coronavirus epidemic and future ramifications from trade disputes could amplify the company's issues, Mr. Vernon said.

"It's a tall order for anyone, frankly, because there's so much stuff going on with the company," he said.

A FedEx spokeswoman declined to comment.

Succeeding Mr. Lenz, effective June 1, as executive vice president and treasurer overseeing tax and corporate development will be Bert Nappier, the regional president for the company's Europe division and chief executive of TNT Express.

Karen Reddington, the company's president of the Asia-Pacific region for FedEx Express, will succeed Mr. Nappier in Europe, the company said, and Kawal Preet, the senior vice president of North and South Pacific operations for FedEx Express, will succeed Ms. Reddington.

Mr. Graf joined the company in 1980 and became finance chief in 1998. He also served as finance chief of FedEx Express.

Write to Dave Sebastian at dave.sebastian@wsj.com and Mark Maurer at mark.maurer@wsj.com

(END) Dow Jones Newswires

March 09, 2020 19:32 ET (23:32 GMT)

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