Speaking during the FedEx investor day, FedEx CIO Rob Carter said the company is aiming for a "zero data center, zero mainframe" environment based in the cloud, which will result in $400 million in savings annually.

Carter said FedEx was working to streamline and simplify technology and systems.

"We've shifted to cloud and been eliminating monolithic applications one after the other. We're moving to a zero data center, zero mainframe environment that's more flexible, secure, and cost-effective,” he said.

Within the next two years, FedEx will close its last remaining data centers, eliminate the final 20 percent of the mainframe footprint, and move the remaining applications to cloud-native structures that allow them to be flexibly deployed and used in the marketplace and business.

“While we're doing this, we'll achieve $400 million of annual savings,” Carter said.