(Reuters) -FedEx Corp on Monday appointed former CEO of Atlas Air Worldwide John Dietrich as chief financial officer, effective Aug. 1.

He will succeed Michael Lenz, who will serve as a senior advisor until the end of this year.

FedEx said Dietrich, a veteran in the aviation and air cargo space, has held numerous leadership roles at Atlas Air Worldwide since 1999.

The package delivery company also made other appointments within its finance team as it attempts to revamp its business and protect margins in a rapidly changing economy.

The development comes months after the company outlined $4 billion in permanent cost cuts by the end of its 2025 financial year.

Last fiscal year, FedEx slashed about 29,000 jobs, retired 18 planes, shuttered offices and pared back profit-sapping Sunday deliveries.

Shares of the Memphis-based company were down 1% in afternoon trade.

(Reporting by Priyamvada C in Bengaluru; Editing by Devika Syamnath and Shailesh Kuber)