Fred Smith, FedEx Founder, Dies at 80

Fred Smith, the founder of FedEx Corp., passed away at the age of 80. Smith, a Marine Corps veteran, revolutionized the express delivery industry by founding FedEx in 1973, which initially delivered small parcels and documents more quickly than the postal service. Over the next half-century, Smith oversaw the growth of FedEx into a global transportation and logistics company that handles an average of 17 million shipments per business day.

Smith's innovative "hub and spokes" system, developed during his time at Yale University, became the backbone of FedEx's operations. This system, based on coordinated air cargo flights centered on a main hub, allowed for efficient and timely deliveries. FedEx played a significant role in the shift by American businesses towards time-sensitive deliveries and reduced reliance on large inventories and warehouses.

Smith's journey to founding FedEx was not without challenges. He initially struggled to secure a major shipping contract with the Federal Reserve Bank, but his determination and innovative thinking led to the creation of a company that would become a cornerstone of the global logistics industry. FedEx started with 14 small aircraft operating out of Memphis International Airport, serving 25 U.S. cities.

Smith's military background played a crucial role in his approach to running FedEx. He credited his experience in the Marines, where he served two tours in Vietnam and was decorated for bravery, as the foundation for his leadership and strategic thinking. Smith's father, Frederick, had built a small fortune in Memphis with a regional bus line and other business ventures, providing a solid foundation for Smith's entrepreneurial endeavors.

Smith's contributions extended beyond the business world. He was a minority owner of the Washington Commanders NFL team until 2021 and was known for his philanthropic efforts. Despite his low profile, Smith made significant donations to various causes, including the Marine Corps Scholarship Foundation, where he endowed a new scholarship fund for the children of Navy service members pursuing studies in STEM.

Smith's legacy in Memphis is profound. He was a dedicated citizen who supported various local institutions, including the University of Memphis and the city's zoo. His visionary leadership and commitment to public service have left an indelible mark on the region.

Smith's impact on the logistics industry and his contributions to public service will be remembered for generations to come. His innovative approach to package delivery and his dedication to philanthropy have set a high standard for entrepreneurs and leaders worldwide.