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FedEx Kinko's chief resigns

Ken May, FedEx's president and chief executive will be replaced by chief operating officer Brian Philips.

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March 7, 2008: 12:51 PM EST

MEMPHIS, Tenn. (AP) -- FedEx Corp. said Ken May has resigned as president and chief executive of FedEx Kinko's.

The package delivery company said Brian Philips, chief operating officer of FedEx Kinko's, will become acting CEO.

May's resignation is effective March 31. He has served in the position since January 2006.

FedEx (FDX, Fortune 500) shares fell $1.95 to $86.80 in midday trading. To top of page

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