FedEx said on Monday Chief Financial Officer John Dietrich would step down, effective June 1, after the parcel firm completes the spinoff ‌of FedEx Freight into a publicly ​traded company.

The company said Claude Russ, finance enterprise vice president, will ⁠serve as interim CFO as its ​board searches for Dietrich's successor. Dietrich will remain until ⁠July 31.

FedEx announced the spinoff of its freight trucking division in December 2024, as it restructures ‌operations to focus on its core ​delivery business. The ‌divestiture is expected to be completed by June 2026.

FedEx ‌on Monday also reaffirmed its adjusted profit forecast for the fiscal year ending May ⁠31 of between $19.30 and $20.10 ‌per share.

FedEx ⁠Freight, the largest provider of less-than-truckload (LTL) services in ⁠the ⁠U.S., sees average revenue growing in the range of 4% ‌to 6% in the medium term.

FedEx last month reported third-quarter results above analysts' expectations, driven ‌by ​strength in its ‌higher-margin, time-sensitive Express segment, where increased volume and stronger pricing helped deliver the ​most profitable peak season in its history.