FedEx Corporation announced on Wednesday that it will cut the size of its officer and director team by more than 10% as it undertakes organizational changes, in an effort to "remain competitive in a rapidly changing environment."

"Saying goodbye to longtime colleagues and friends whom we value and respect is extraordinarily difficult. Unfortunately, this was a necessary action to become a more efficient, agile organization," the company's CEO Raj Subramaniam said in a letter to employees published on the company's website.

FedEx shares gained 1.91% following the announcement.