Frederick W.Smith, the iconic founder and executive chairman of FedEx, passed away at 80. The master of logistics and inventor of the overnight delivery concept, Smith’s sweat brought form to the shipping world today and forever changed how the world conducts business.
From Yale Vision to Real-World Empire
Born in Marks, Mississippi, in 1944 and raised in Memphis, Smith fought childhood bone disease to become the first student at Yale University.
There, he wrote an economics thesis on a new idea: a national overnight delivery company.
The plan wasn’t met with high grades on its scholarship value, but it would one day serve as the foundation for Federal Express.
Smith graduated in 1966 and served two tours in Vietnam as a Marine Corps captain, earning the Silver Star, Bronze Star, and two Purple Hearts.
He often credited his military service with providing him with the discipline and leadership that ultimately caused his company to succeed.
The Birth of FedEx
Smith officially established Federal Express in 1971, with $4 million of his inheritance and $91 million of venture capital.
With a fleet of 14 small planes, the company started business on April 17, 1973, carrying 186 packages from a Memphis, Tennessee, headquarters to 25 cities.
FedEx now has over 5,000 locations, over 200,000 vehicles, and over 705 aircraft. FedEx moves over 17 million shipments per day and has over 500,000 employees globally.
FedEx had over $87 billion in assets and approximately $4.3 billion in net income in fiscal year 2024.
Leadership That Transformed Logistics
Smith was FedEx’s CEO until June of 2022, when he became executive chairman. Under his leadership, FedEx launched numerous innovations in tracking, logistics, and customer service.
His management principle, “People-Service-Profit,” emphasized caring for employees as the key to success in general.
Current FedEx CEO Raj Subramaniam described Smith as “more than just the founder of an industry—a mentor to many and an inspiration to all.”
Aside from FedEx, Smith supported numerous philanthropic causes, particularly veterans and education.
He was also widely recognized as a supporter of environmental stewardship and upgrading transportation infrastructure.
Remembering a Visionary
Frederick Smith’s legacy is one of determination, vision, and achievement.
From a college term paper that hardly anyone took seriously to building a $90+ billion company that touches nearly every corner of the world, Smith’s life is still one of the great American success stories.
His children, grandchildren, and the global company that continues to carry out his vision, package by package, are the legacies he leaves behind.
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