FedEx CEO to Retire

MEMPHIS, Tenn. (AP) - Theodore L. Weise is stepping down as chief executive of Federal Express Corp. after 28 years with the world's leading overnight package delivery service.

Weise, 55, will be succeeded by David J. Bronczek, 45, a FedEx executive vice president with 23 years at the company. The pending change was announced Monday. It will take effect at the end of

anuary.

Weise has held a number of senior management positions with FedEx. He became the cargo airline's president and CEO in 1998 after a corporate restructuring that created a parent company, FDX Corp.

FDX, a $17 billion transportation company, owns FedEx and several other subsidiaries, including RPS Inc., Viking Freight Inc., Roberts Express Inc. and FDX Logistics Inc.

Paul Schlesinger, a market analyst with Donaldson Lufkin & Jenrette of New York, said the change in FedEx management should not greatly alter the company's operations.

"It would appear to me that one old hand retires and another old hand takes his place," Schlesinger said. "There shouldn't be a material difference in direction."

After retirement, Weise will continue as a consultant on air operations for the company.