FedEx replaces Arthur Andersen with Ernst & Young

FedEx Corp. has hired Ernst & Young LLP to replace Arthur Andersen LLP as independent auditors for the company after Arthur Andersen completes its review report on the financial statements of the company for the fiscal quarter ended February 28. The appointment of Ernst & Young was made after consideration by FedEx's board of directors, its audit committee and management of the company, and concludes

Tim Parry

March 12, 2002

The appointment of Ernst & Young was made after consideration by FedEx's board of directors, its audit committee and management of the company, and concludes an extensive evaluation process.

The decision to change auditors was not the result of any disagreement between the company and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, FedEx said.