Frederick Smith , founder of Federal Express (FedEx) and considered by Forbes magazine as one of “The 100 Greatest Living Minds in Business,” died at the age of 80 on June 21, the American courier and parcel delivery company announced.
According to the firm, Fred Smith, as he was also known, also served as executive chairman of the FedEx board of directors and conducted original analyses of the logistics needs of “a highly automated future society while studying at Yale College , where he graduated in 1966.”
“After four years in the U.S. Marine Corps and two tours of duty in Vietnam, Smith launched the original Federal Express air and ground network, which began operations in 1973 to serve the rapidly growing, high-value, technologically advanced economic sectors he predicted,” the company emphasized on its website.
Smith, who was considered a pioneer in the express delivery industry , and who saved the company after betting five thousand dollars on blackjack in Las Vegas, oversaw the growth of FedEx, a company that combined air and ground service to become a benchmark in global logistics , and which since its inception has grown into an $87.7 billion global firm that serves more than 220 countries and territories .
As executive chairman, after stepping down as CEO in 2022, Smith focused on board governance as well as global affairs.
Smith was a trustee of the Center for Strategic and International Studies and a member of the Business Council and the Business Roundtable. He also chaired the U.S.-China Business Council and co-chaired the Franco-American Business Council.
He also served as chairman of the board of governors of the International Air Transport Association and as chairman of the executive committee of the US Air Transport Association.
For his outstanding work, Smith received numerous honorary degrees and civic, academic, and business awards, including the Global Leadership Award from the U.S.-India Business Council and the George C. Marshall Foundation Award .
He is also a member of the Aviation Hall of Fame and the Business Hall of Fame . He served as co-chairman of the U.S. World War II Commemorative Project and the National Museum of the Marine Corps campaign. Barron’s and Chief Executive magazines named him one of the best CEOs.
The legacy of Frederick Smith, born in 1944 in Marks, Mississippi, grew and strengthened after starting with 14 small planes operating out of Memphis International Airport, carrying packages to 25 U.S. cities, and growing FedEx into a major company.
“FedEx operations include 705 aircraft, more than 200,000 vehicles, and approximately 5,000 operating locations. More than 500,000 employees worldwide currently handle approximately 17 million shipments daily,” the company emphasized.
After college, Smith joined the U.S. Marines and was commissioned as a second lieutenant. He left the Army in 1969, but he put the experience he gained in the military to good use at FedEx.
As part of his multifaceted personality, Smith made a guest appearance in the 2000 film Castaway starring actor Tom Hanks . He was also a benefactor to organizations such as St. Jude Children’s Research Hospital and the Mayo Foundation .
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