FedEx has taken two steps closer to its goal of spinning off its FedEx Freight division, saying when the new company launches on June 1, it will instantly become the country’s largest less-than-truckload (LTL) carrier.

First announced 12 months ago, the plan has met with approval from financial analysts and from stock market investors.

To reach that goal, FedEx said Friday it had filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the planned spin-off of FedEx Freight.

“Today’s Form 10 filing reflects the strong progress we are making toward the launch of FedEx Freight as a focused, industry-leading LTL company,” said Raj Subramaniam, FedEx Corp. president and CEO. “This separation will create two world-class companies, positioning both FedEx and FedEx Freight to better serve customers and unlock long-term value for all stockholders.”

Also Friday, FedEx announced the names of the 10-member board of directors for FedEx Freight, saying they include “veteran leaders with transportation and logistics, financial, and technology expertise.” Those directors will work with R. Brad Martin, the planned chairman of the board of FedEx Freight and current executive chairman of the FedEx Corp. board of directors.

Logistics and delivery giant FedEx is deploying 17 new electric box trucks in a move that advanced the company’s global electrification plans and Japan’s national climate targets, which focus on densely populated urban areas.