Frederick W. Smith, the founder and former executive chairman of FedEx, died on Saturday, the company announced. He was 80 years old.
“Fred was more than just the pioneer of an industry and the founder of our great company. He was the heart and soul of FedEx – its PSP culture, values, integrity, and spirit,” a message to FedEx employees from CEP Raj Subramaniam said, referring to the company’s philosophy of “People-Service-Profit.”
Smith was described as “a mentor to many” and “source of inspiration to all.”
He graduated from Yale in 1966 and served four years in the Marine Corps, which included two tours of duty in Vietnam, before launching the “original air-ground Federal Express network which began operations in 1973,” according to the Marine Corps Association.
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FedEx officially launched with 389 team members and 14 small planes that flew 186 packages from Memphis to 25 U.S. cities, according to Reuters.
Smith most recently served 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.
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He stepped aside in 2022 and was succeeded by Subramaniam, who was then the company’s operations chief, Reuters reported.
“As we begin to process this tremendous loss, it is important that we take care of one another and demonstrate the passion and compassion that Fred embodied every day. In the coming days and weeks, I know we will all find ways to honor his memory and pay tribute to his legacy,” Subramaniam’s message to the company concluded.
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.
“FedEx changed the way we live and do business,” former President George W. Bush, who was Smith’s fraternity brother at Yale, said in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FDX | FEDEX CORP. | 226.04 | +2.74 | +1.23% |
“I twice asked him to serve as Secretary of Defense, and he declined twice only because of his devotion to his family. Laura and I send our condolences to Fred’s beloved children and grandchildren and his wife, Diane,” Bush said.
Fox News’ Mike Emanuel and Reuters contributed to this report.
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