A Rivian logo is shown on one of the company's electric pickup trucks, Dec. 15, 2021, in Atlanta. Rivian Automotive and package delivery company FedEx are among the latest companies to announce job cuts on Wednesday, Feb. 1, 2023. (AP Photo/John Bazemore, File)
A FedEx worker places a package on a trolley after a cold front packing subfreezing temperatures and light snow swept over the intermountain on Nov. 17, 2022, in Denver. The package delivery company and SUV maker Rivian Automotive are among the latest companies to announce job cuts on Wednesday, Feb. 1, 2023. (AP Photo/David Zalubowski, File)FedEx, Rivian Automotive, and DraftKings have joined a growing list of U.S. corporations announcing job cuts.
FedEx sent an announcement to employees Wednesday informing them that the package delivery company is reducing the size of its officer and director team by more than 10% and consolidating some teams and functions.
“Unfortunately, this was a necessary action to become a more efficient, agile organization,” CEO Raj Subramaniam said in a prepared statement.
Rivian said that it is cutting 6% of its workforce, or about 840 jobs. The electric truck and SUV maker currently has a headcount of approximately 14,000.
Rivian CEO RJ Scaringe said in an email that teams across the company would be impacted, but that the reductions would not affect manufacturing jobs. The company recently added a second shift at its plant in Normal, Illinois.
“Today is a hard day. Please take the time you need to process this news and the changes,” Scaringe wrote.
Scaringe said managers would be in touch with their teams by Thursday to answer questions and that an all hands meeting is scheduled for Friday to share more details about the changes.
Also on Wednesday, the online sports betting company DraftKings said that some teams within the company are being reorganized in a bid to increase efficiency, leading to about 140 job cuts.
Before you consider FedEx, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and FedEx wasn't on the list.
While FedEx currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to generate income with your stock portfolio? Use these ten stocks to generate a safe and reliable source of investment income.
Get This Free Report
