Fred Smith, founder of logistics company FedEx dead at 80: All about the Vietnam war vet turned billionaire businessman
Frederick Smith, aka Fred Smith, the founder of global logistics giant FedEx Corp., has died, aged 80 years, on June 21, the company has informed.
In a post on the company website, CEO Raj Subramaniam wrote: 'It is with profound sadness and a heavy heart that I share that Frederick W. Smith, our founder and executive chairman, died earlier today.'
The former Vietnam war veteran founded the company at the age of 26 and over five decades built it up into a $90 billion revenue generating transport and logistics business, according to the Wall Street Journal (WSJ).
When previously asked about his legacy, Smith said he didn't think about it, adding, 'I just enjoy what I'm doing. I'm very focused on the here and now. The legacy will be the success of the company and, I hope, the success of my children, of which I have a lot of.'
One of his sons, Richard Smith, is CEO of FedEx's airline, as per a Bloomberg report. He had two children with first wife, Linda Black Grisham; and eight children with second wife, Diane. His daughter Windland Smith Rice, known as Wendy, died in 2005, the BB report added.
Interestingly, the WSJ report noted that as a Yale student in 1965, Smith outlined his idea for a national overnight delivery system for an economics paper and got a C. The germ of this idea became FedEx.
As founder-CEO, Smith led FedEx through much, before stepping down from the CEO role in 2022, and staying as Executive Chairman of the company. He was also FedEx's largest shareholder with 8 per cent stake — thanks to which he was a billionaire.
The WSJ report noted that after serving as Marine in the Vietnam war, Smith launched FedEx with a 'handful of small planes' in Memphis, Tennessese. The idea? People would pay for urgency.
Since then, the multi-national now has over 5,00,000 employees, and hundreds of jets, servicing its global business. According to the BB report, FedEx is now one of the world's largest logistics companies with annual sales logging over $80 billion in value.
The businessman was born as Frederick Wallace Smith in Marks, Missisippi on August 11, 1944, to James and Sally Smith. His father founded what would go on to become the America's intercity Greyhound Lines bus system and a multi-million dollar restaurant chain, and left the family a fortune when he passed away while Smith was four years old, as per the Bloomberg report.
Smith was always interested in flying. He learned to fly at 15, and after graduating from Yale University, he served two times in Vietnam (first joined in 1966) as platoon leader and forward air controller. For his service, he was awarded a Silver Star, Bronze Star and two Purple Hearts, the WSJ report added.
On his return, he approached investors for FedEx and garnered $80 million from VCs — added his inheritance and a few millions from family — to make one of the largest fundraise at the time, as per the WSJ and BB reports.
Federal Express began operations in April 1973 in Memphis and on the first night delivered 186 packages. The daily shipments number around 15 million now, as per the BB report.
(With inputs from WSJ, Bloomberg)
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Business Standard
3 hours ago
- Business Standard
FedEx founder Fred Smith, pioneer of express delivery, dies aged 80
Fred Smith, the FedEx Corp. founder who revolutionised the express delivery industry, has died, the company said. He was 80. FedEx started operating in 1973, delivering small parcels and documents more quickly than the postal service. Over the next half-century, Smith, a Marine Corp. veteran, oversaw the growth of a company that became something of an economic bellwether because so many other companies rely on it. Memphis, Tennessee-based FedEx became a global transportation and logistics company that averages 17 million shipments per business day. Smith stepped down as CEO in 2022 but remained executive chairman. Smith, a 1966 graduate of Yale University, used a business theory he came up with in college to create a delivery system based on coordinated air cargo flights centred on a main hub, a "hub and spokes" system, as it became known. The company also played a major role in the shift by American business and industry to a greater use of time-sensitive deliveries and less dependence on large inventories and warehouses. Smith once told The Associated Press that he came up with the name Federal Express because he wanted the company to sound big and important when in fact it was a start-up operation with a future far from assured. At the time, Smith was trying to land a major shipping contract with the Federal Reserve Bank that didn't work out. In the beginning, Federal Express had 14 small aircraft operating out of the Memphis International Airport flying packages to 25 US cities. Smith's father, also named Frederick, built a small fortune in Memphis with a regional bus line and other business ventures. Following college, Smith joined the US Marines and was commissioned a second lieutenant. He left the military as a captain in 1969 after two tours in Vietnam where he was decorated for bravery and wounds received in combat. He told The Associated Press in a 2023 interview that everything he did running FedEx came from his experience in the Marines, not what he learned at Yale. Getting Federal Express started was no easy task. Overnight shipments were new to American business and the company had to have a fleet of planes and a system of interconnecting air routes in place from the get-go. Though one of Memphis' best-known and most prominent citizens, Smith generally avoided the public spotlight, devoting his energies to work and family. Despite his low profile, Smith made a cameo appearance in the 2000 movie Castaway starring Tom Hanks. The movie was about a FedEx employee stranded on an island. Memphis has lost its most important citizen, Fred Smith, said U.S. Rep. Steve Cohen of Tennessee, citing Smith's support for everything from the University of Memphis to the city's zoo. FedEx is the engine of our economy, and Fred Smith was its visionary founder. But more than that, he was a dedicated citizen who cared deeply about our city." Smith rarely publicized the donations he and his family made, but he agreed to speak with AP in 2023 about a gift to the Marine Corps Scholarship Foundation to endow a new scholarship fund for the children of Navy service members pursuing studies in STEM. The thing that's interested me are the institutions and the causes not the naming or the recognition, Smith said at the time. Asked what it means to contribute to the public good, he replied: America is the most generous country in the world. It's amazing the charitable contributions that Americans make every year. Everything from the smallest things to these massive health care initiatives and the Gates Foundation and everything in between, he said. I think if you've done well in this country, it's pretty churlish for you not to at least be willing to give a pretty good portion of that back to the public interest. And all this is in the great tradition of American philanthropy. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
5 hours ago
- Time of India
Frederick 'Fred' Smith, father of Pittsburgh Steelers OC Arthur Smith and minority owner of the Washington Commanders, passed away at the age of 80
(Image via Getty: Frederick Wallace Smith) On June 22, Ari Meirov, NFL Insider, broke the news of the passing of Fred Smith , father of Pittsburgh Steelers offensive coordinator Arthur Smith . Meirov wrote that FedEx founder Fred Smith — father of #Steelers OC Arthur Smith — has passed away at the age of 80. Smith transformed global commerce and built one of the most iconic brands in the world. RIP. United States Senator Marsha Blackburn tweeted a heartfelt obituary for Fred Smith. She wrote on her X - I am deeply saddened by the passing of Fred Smith. As the founder of FedEx, his leadership and innovation transformed global commerce, and he will be remembered for his relentless drive, patriotism, and commitment to service. His legacy will endure not only through the company he built but through the countless lives he touched. Praying for his wife, children, and family. — MySportsUpdate (@MySportsUpdate) Frederick Smith, the FedEx founder and billionaire father of the Pittsburgh Steelers offensive coordinator, Arthur Smith, passed away, family members confirmed FOX 13 News reported on June 22 - Fred Smith, the founder and former CEO of the FedEx corporation, passed away earlier this afternoon, family members confirmed. Smith is a Marks, Mississippi native, who founded FedEx in 1971 after serving in the U.S. Marines. He lived in Memphis for much of his life. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Costco Shoppers Say This Wrinkle Cream Is "Actually Worth It" The Skincare Magazine Undo Frederick Smith is survived by his wife, Diane Smith, and his eight children. Diane Smith is his second wife. Arthur Smith is her son. The billionaire founder was previously married to Linda Black Grisham, with whom he has two children. In totality, he was the father of 10 children. His children include Sandra Windland Smith Rice, an American Nature and Animal Photographer; Molly Smith, an American Film Producer; and his eldest son, Richard W. Smith, Chief Operating Officer, International and Chief Executive Officer, Airline, at FedEx. Arthur Smith was a former college football player. He played guard for North Carolina Tar Heels football from 2001 to 2005. His coaching journey began in 2007. Frederick Smith incorporated Arthur Smith into one of his businesses, the Washington Redskins(now, Commanders) Fred Smith incorporated Arthur Smith into one of his vast businesses. The FedEx CEO and President was a minority owner of the Washington Redskins(now, Commanders) from 2003 to 2021. In 2007, Arthur Smith began his NFL coach journey by becoming the defensive quality control coach of the Washington Redskins. Smith later went on to become a first-time head coach for the Atlanta Falcons only last year. But an 8-9 record in the 2024 NFL season led to his demotion and eviction. He was then hired by the Pittsburgh Steelers as their offensive coordinator for the 2025 NFL season. Tributes poured in for Arthur Smith's 80-year-old father and American business magnate and investor, Frederick Wallace Smith Jim Strickland, former Mayor of Memphis, wrote on his X: Fred Smith was the most significant Memphian in history. He benefited our city in every way possible and allowed generations of Memphians to achieve the American dream. God bless Fred Smith. My condolences to the Smith family. Paul Young, current Mayor of Memphis, wrote on his X: My statement on the passing of Fred Smith. His legacy will continue to move Memphis, and the world, forward. Marc Benioff, CEO of wrote on his X: Deeply saddened by the passing of my friend, FedEx founder Fred Smith. A gentle, kind, and brilliant giant of business, he always offered me his hard‑earned wisdom and the warmest word. A Marine who led with core values and deep integrity. My thoughts are with his family. May the one who brings peace bring peace to all. ❤️ Also Read: 'When you don't win the whole thing, you failed': Sam Darnold blames himself for Seattle Seahawks' downfall in the 2024 NFL season | NFL News - Times of India Follow all the live updates, scores, and highlights from the India vs England Test match here . Game On Season 1 kicks off with Sakshi Malik's inspiring story. Watch Episode 1 here
Time of India
5 hours ago
- Time of India
Fred Smith, FedEx founder who revolutionised package delivery business, dies at 80
Fred Smith , the FedEx Corp. founder who revolutionised the express delivery industry , has died, the company said. He was 80. FedEx started operating in 1973, delivering small parcels and documents more quickly than the postal service. Over the next half-century, Smith, a Marine Corp. veteran, oversaw the growth of a company that became something of an economic bellwether because so many other companies rely on it. Memphis , Tennessee-based FedEx became a global transportation and logistics company that averages 17 million shipments per business day. Smith stepped down as CEO in 2022 but remained executive chairman. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo Smith, a 1966 graduate of Yale University, used a business theory he came up with in college to create a delivery system based on coordinated air cargo flights centred on a main hub, a "hub and spokes" system, as it became known. The company also played a major role in the shift by American business and industry to a greater use of time-sensitive deliveries and less dependence on large inventories and warehouses. Live Events Smith once told The Associated Press that he came up with the name Federal Express because he wanted the company to sound big and important when in fact it was a start-up operation with a future far from assured. At the time, Smith was trying to land a major shipping contract with the Federal Reserve Bank that didn't work out. In the beginning, Federal Express had 14 small aircraft operating out of the Memphis International Airport flying packages to 25 US cities. Smith's father, also named Frederick, built a small fortune in Memphis with a regional bus line and other business ventures. Following college, Smith joined the US Marines and was commissioned a second lieutenant. He left the military as a captain in 1969 after two tours in Vietnam where he was decorated for bravery and wounds received in combat. He told The Associated Press in a 2023 interview that everything he did running FedEx came from his experience in the Marines, not what he learned at Yale. Getting Federal Express started was no easy task. Overnight shipments were new to American business and the company had to have a fleet of planes and a system of interconnecting air routes in place from the get-go. Though one of Memphis' best-known and most prominent citizens, Smith generally avoided the public spotlight, devoting his energies to work and family. Despite his low profile, Smith made a cameo appearance in the 2000 movie "Castaway" starring Tom Hanks. The movie was about a FedEx employee stranded on an island. "Memphis has lost its most important citizen, Fred Smith," said U.S. Rep. Steve Cohen of Tennessee, citing Smith's support for everything from the University of Memphis to the city's zoo. "FedEx is the engine of our economy, and Fred Smith was its visionary founder. But more than that, he was a dedicated citizen who cared deeply about our city." Smith rarely publicized the donations he and his family made, but he agreed to speak with AP in 2023 about a gift to the Marine Corps Scholarship Foundation to endow a new scholarship fund for the children of Navy service members pursuing studies in STEM. "The thing that's interested me are the institutions and the causes not the naming or the recognition," Smith said at the time. Asked what it means to contribute to the public good, he replied: "America is the most generous country in the world. It's amazing the charitable contributions that Americans make every year. Everything from the smallest things to these massive health care initiatives and the Gates Foundation and everything in between," he said. "I think if you've done well in this country, it's pretty churlish for you not to at least be willing to give a pretty good portion of that back to the public interest. And all this is in the great tradition of American philanthropy."
