Latest news with #FrederickSmith
Mint
2 hours ago
- Business
- Mint
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)
Khaleej Times
7 hours ago
- Business
- Khaleej Times
FedEx founder, former CEO Frederick Smith dies at 80
FedEx Corp's founder and former CEO Frederick Smith, who started the global delivery conglomerate with more than a dozen planes in the 1970s, has died, the company's CEO Raj Subramaniam said in memo to staff posted on its website on Saturday. Born in 1944, Smith was most recently serving as the firm's executive chairman and focused on board governance, as well as issues of global importance, including sustainability, innovation and public policy, according to his profile on FedEx's website. Smith stepped aside as FedEx's CEO in 2022 and was succeeded by Subramaniam, who was then the company's operations chief. "Fred was more than just the pioneer of an industry and the founder of our great company. He was a mentor to many and a source of inspiration to all," Subramaniam said in the memo to staff. Smith, who served as an officer in the US Marine Corps in Vietnam, officially launched Federal Express in 1973 with 389 team members and 14 small planes that flew 186 packages from Memphis to 25 US cities. FedEx operations now include 705 aircraft, more than 200,000 vehicles and about 5,000 operating facilities, according to its website. More than 500,000 employees worldwide handle approximately 17 million shipments each day at FedEx.
Bloomberg
7 hours ago
- Business
- Bloomberg
Fred Smith, Who Transformed Parcel Delivery by Founding FedEx, Dies at 80
Fred Smith, who transformed the parcel shipping industry by risking his family's fortune to found FedEx Corp. in 1971, has died. He was 80. 'It is with profound sadness and a heavy heart that I share that Frederick W. Smith, our founder and executive chairman, died earlier today,' Chief Executive Officer Raj Subramaniam wrote on the company's website.
Malay Mail
7 hours ago
- Business
- Malay Mail
FedEx confirms death of founder and former CEO Frederick Smith
NEW YORK, June 22 — FedEx Corp's founder and former CEO, Frederick Smith, has died, the logistics giant said yesterday. — Reuters
BusinessToday
7 hours ago
- Business
- BusinessToday
FedEx Founder Frederick Smith Dies At 80
FedEx Corp's founder and former Chief Executive Officer, Frederick Smith, has passed away at the age of 80, the company announced on June 21. Smith, who transformed a bold concept sketched in a Yale economics paper into a global logistics empire, launched Federal Express in 1973 from Memphis. The company pioneered the groundbreaking hub‑and‑spoke delivery model and real-time tracking, shaping modern e‑commerce and overnight shipping. Under his stewardship, FedEx grew to employ over 500,000 people, operate hundreds of aircraft and generate approximately US$90 billion in annual revenue. Smith stepped down as Chief Executive Officer in June 2022, becoming executive chairman while handing over leadership to Raj Subramaniam. 'Fred was more than just the pioneer of an industry…the heart and soul of FedEx — its culture, values, integrity and spirit. He was a mentor to many and a source of inspiration to all,' Subramaniam said in a statement. Related
