In September 2022, amid weak results that punished its stock, Fedex Raj Subramaniam warned that a "worldwide recession" was in the cards. That hasn't happened, but the Fedex CEO isn't exactly backtracking, and says several of the underlying reasons for his pessimistic call remain in place. "Those are three things negative to our industry and that's what I said," Subramaniam told CNBC's Holland. The Fedex CEO stressed that he made his call "early" so the company could get "significantly more efficient" and come out of a slowing global economy in better shape. Fedex shares have outperformed the market and its chief competitor UPS , which is down nearly 20% this year.

---

Persons: Fedex Raj Subramaniam, Subramaniam, CNBC's Frank Holland, CNBC's Holland, Brian Cornell Organizations: Fedex, CNBC, Walmart, Target, UPS