FedEx has appointed Jamere Jackson as its new chief financial officer, announcing the hire on Monday. Jackson, currently the chief financial officer at AutoZone, will join the Memphis-based package delivery company on November 30 as executive vice president and CFO.

Jackson will replace Claude Russ, who has served as FedEx’s interim chief financial officer since June. Russ assumed the role following the departure of John Dietrich, who stepped down after the spinoff of FedEx Freight.

Jackson has been AutoZone’s CFO since January 2021 and will remain with the auto-parts retailer until November 25 to facilitate the transition. AutoZone has initiated an external search for a replacement.

With nearly six years of experience at AutoZone, Jackson brings a broad financial leadership background, including prior roles as CFO at Hertz Global Holdings and Nielsen Holdings. He is 57 years old.

FedEx disclosed that Jackson’s compensation package includes a $1 million base salary, a $2 million signing bonus, and a restricted stock award valued at $5 million, which will vest over three years. This arrangement was designed to account for equity awards that Jackson will forgo by leaving AutoZone.

The hire reflects FedEx’s ongoing effort to strengthen its financial leadership amid changes in its corporate structure and evolving market dynamics.