FedEx CEO Raj Subramaniam: Why FedEx has always been the ‘Underdog’

Bullish Gator

Raj Subramaniam says FedEx embraces change as part of its culture, shaped by founder Fred Smith — a continual ‘underdog’ mindset discussed in his Fortune interview.

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What stands out

Raj Subramaniam, FedEx's Chief Executive Officer (CEO), leaned into the 'underdog' label in a Fortune interview, saying change and reinvention are part of the company's DNA since founder Fred Smith. That sort of language matters because corporate narratives steer where capital and energy go, hiring, pricing, service promises, and investors should notice when management frames itself for a fight. The remark is notable not because it guarantees better results, but because it sets expectations while the company posts only modest year-over-year (YoY) revenue and earnings growth.