FedEx Corp (FDX) of the United States selected Raj Subramaniam as its new CEO on Monday, starting June 1. He succeeds Fred Smith, who started the company in 1973.

Smith will take over as executive chairman, handling sustainability, innovation, public policy, and other global concerns, according to FedEx.

“For the last 50 years, FedEx has revolutionised the globe by connecting people and opportunities,” Smith stated in a news release. “As we look ahead, I have a great deal of confidence that a leader of Raj Subramaniam’s quality can lead FedEx into a very successful future.”

Subramaniam began his career with FedEx in 1991 and is now the company’s chief operating officer. He takes over at a time when the company is facing increased competition from longtime rival United Parcel Service (UPS) and erstwhile customer Amazon (AMZN).

According to its website, FedEx employs around 600,000 people worldwide and processes over 16.5 million shipments per day.

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