© Reuters. FILE PHOTO: Signage is seen on a FedEx location in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) – U.S. package delivery company FedEx Corp (NYSE:) on Monday named Raj Subramaniam as its new chief executive officer effective June 1, succeeding Fred Smith, who founded the company in 1973.

Smith will transition to the role of executive chairman, overseeing sustainability, innovation, public policy and other global issues, FedEx said.

Subramaniam joined FedEx in 1991 and is currently the company’s chief operating officer. He takes the helm as the company faces mounting competition from historical rival United Parcel Service (NYSE:) and former customer Amazon.com (NASDAQ:).

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