Global logistics and transportation bellwether FedEx last month rolled out its long-awaited plans to reduce costs in the company's Express segment. The company said that it has a goal of an annual profitability improvement of $1.7 billion during the next three years, with a majority of the benefits to be achieved by fiscal 2015. FedEx Chairman, President, and CEO Fred Smith said that much of the improvements will stem from FedEx Express and FedEx Services cost reductions, coupled with the "combined strength" of FedEx Ground and FedEx Express. A Wall Street Journal report added that FedEx is expecting nearly $1.6 billion of the profitability improvement to come from its Express division.