Gold star Fridays return…

June 3, 2005

It has been about a month since the last time there was anything positive worth singling out in a filing, but an 8-K FedEx filed yesterday meets the gold star criteria.

FedEx Executive VP Kenneth Masterson resigned on Wednesday. Like many other executives at many other companies, he’ll still consult with the company for the next year. But not only is the term shorter than most other companies — some post-employment consulting contracts even stretch on for life — but Masterson won’t be collecting a huge monthly salary for his work. Instead, FedEx is paying him with a long list of extras including office space in Memphis and Washington D.C. and season tickets to the Memphis Grizzlies. FedEx also included details on Masterson’s parting gifts, which is also very different than what most other executives receive: a John Deere (DE) tractor.

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