Dallas Business Journal

For the second straight year, FedEx Corp. shareholders voted down a proposal Monday to separate Fred Smith’s role as both CEO and chairman at its annual meeting in Memphis.

Memphis-based FedEx Corp. (NYSE: FDX) is the parent company of Dallas-based FedEx Office, formerly known as FedEx Kinkos.

Shareholders rejected the proposal that was aimed at giving more board independence during the current challenging financial climate.

The same proposal failed at the company’s last annual shareholders’ meeting in 2007.

Another proposal that would give stockholders more control over executive compensation was also struck down at the meeting.

In afternoon trading, shares of FedEx were down $1.57, or 1.92 percent, to $80.

FedEx Corp. provides a portfolio of transportation, e-commerce and business services through several divisions, including FedEx Ground, FedEx Freight, FedEx Global Supply Chain Services and FedEx Office.

FedEx Office has about 6,000 employees with about 1,300 people at its Dallas headquarters. Last week, the company announced plans to lay off about 100 people from its corporate office and another 100 nationwide.