The package delivery company FedEx has announced plans to merge almost all of its ground, air, and other operations into a single entity by June 2024, in a reorganization that aims to reduce costs by $4 billion. The new organization will include FedEx Express, FedEx Ground, FedEx Services, and other FedEx operating companies. Raj Subramaniam has been appointed as president and CEO of the combined organization. FedEx Freight, the company’s freight transportation services division, will remain a stand-alone company. The company also announced plans to increase its annual dividend by 10% for fiscal 2024. FedEx said in September that it was addressing rising operating expenses by closing FedEx Office locations and deferring new hires.