Garrison Moves Stock

One of the largest insider shareholders in FedEx Corp. of Memphis has disposed of nearly half his remaining holdings during the past 18 months. Sales and transfers have reduced Sheridan Garrison’s direct stock ownership to about 1.7 million shares (still worth more than $117 million).

Garrison, a FedEx director in Harrison, remains the second largest shareholder inside the company behind founder Fred Smith. Sales of 553,800 shares in February and August added up to more than $28.7 million for Garrison.

Garrison, who founded American Freightways Corp., entered the picture at FedEx three years ago. That’s when a $1.2 billion stock swap deal for the less-than-truckload (LTL) carrier was struck — representing a 61 percent premium.

Garrison owned about 32 percent of American Freightways’ outstanding shares. That stock was worth about $384 million at the time the transaction was announced.

Originally known as Arkansas Freightways, the company has since been rebranded FedEx Freight East.