Introduction to Fred Smith
Fred Smith, the founder of Fedex, who contributed to the creation of the overnight sector and changed the way in which companies and consumers receive the goods they have purchased, has passed away at the age of 80.
Confirmation of His Death
His death was confirmed by the company. The news of his passing has sent shockwaves throughout the industry, with many paying tribute to his legacy and contributions to the world of logistics.
Tribute to Fred Smith
"Fred was more than just the pioneer of an industry and the founder of our large company. He was the heart and soul of Fedex – his PSP culture, values, integrity and spirit," said the CEO of Fedex. "He was a mentor for many and a source of inspiration for everyone."
The Idea Behind Fedex
Smith came up with the idea for Fedex while a student at Yale University, where he wrote a term paper suggesting a revolutionary opportunity to provide time-sensitive programs. Although he only received an average grade on the paper, the idea would go on to change the world.
Founding and Growth of Fedex
He founded the company as Federal Express in 1971 in Little Rock, Arkansas, and started operating in Memphis two years later. With 389 employees, 14 planes, and 186 packages delivered to 25 US cities, the company grew steadily over the next 50 years. After two years of lobbying, the company was able to buy its first seven Boeing 727 freighters, paving the way for further expansion.
Expansion and Diversification
The company also bought a number of other companies to grow both internationally and with ground services in the United States. This included the creation of a Fedex ground unit that moved most of its goods with trucks and delivery vans, as well as FedEx freight, which dealt with truck broadcasts of goods. Additionally, the company bought Kinko’s Copier Centers and renamed them as Fedex office locations.
Reflections on Fedex’s Success
"We were a small startup and had our share of skeptics. But from the first night of operations, which would become a global connector of people and opportunities that would change our world for the better," said Smith in a letter to Fedex employees announcing his retirement as CEO in 2022.
Later Life and Legacy
After Smith resigned as CEO, he continued to act as Fedex chairman. Born in Marks, Mississippi in 1944, Smith served in the US Marines for four years and completed two business trips in Vietnam before returning to found his company. The company grew to almost 90 billion US dollars in 220 countries and territories, a testament to his vision and leadership.
