FedEx Corp.’s shares soared the most in almost 36 years after the courier hiked its dividend and announced board changes in coordination with activist investor D.E. Shaw & Co., a bold shakeup just two weeks into the tenure of new Chief Executive Officer Raj Subramaniam.
The quarterly dividend will jump 53% to $1.15 per share, the Memphis, Tennessee-based company said Tuesday in a statement. That’s well above the 87-cent prediction by Bloomberg analytics. FedEx also said it would cut capital spending and rework its executive compensation program.
