Mantra from Fed Ex
Written by Kevin - January 29, 2009 1 CommentAfter FedEx acquired Kinko’s, from CEO Fred Smith:
“Operate independently. Manage collaboratively. Compete collectively.”
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One Outstanding Responses to "Mantra from Fed Ex"
Stephen on March 3, 2009 at 4:53 am | Permalink
Maybe time for Fred to come up with a new mantra? Selected morsels from BusinessWeek 12-18-2008 (Christopher Palmieri):
“Kinko’s is not what it once was, and many customers don’t like that a bit. FedEx (FDX) hoped for something very different when it bought the copy king for $2.4 billion in 2004.
The FedEx-Kinko’s marriage has become a case study in the challenges of meshing disparate corporate cultures. Even as FedEx tries to capitalize on the demise of rival DHL’s U.S. delivery business…
Since the delivery giant acquired Kinko’s, the unit’s profits have fallen from more than $100 million in 2004 to $45 million in 2007. Revenue has stagnated at $2 billion. In 2008, FedEx announced an $890 million write-off on the purchase and named the third CEO to head Kinko’s in four years.”