His remarks in a CNBC interview came after the firm detailed disheartening first-quarter results and declared a massive number of forceful expense-slicing measures.
1. FedEx's head said that he thinks the world is heading to a recession.
2. The company has reported diminishing earnings, accused of reduced package demand, and worsening economic conditions.
3. FedEx will cut maintenance costs by reducing flights, closing 90 retail outlet locations, and trimming hours.
"I think so. But you know, these numbers, they don't portend very well," FedEx boss Raj Subramaniam said.
FedEx recently faced a decline in shipments around the world "as macroeconomic trends significantly worsened later in the quarter."
To bring control the situation, the company plans to cut flights and temporarily park some aircraft, cut labor hours, and pause hiring.