Fred Smith
Born 1944 · Age 81
Founder and long-time CEO/chairman of FedEx Corporation; U.S. Marine Corps veteran decorated for service in Vietnam; major figure in global express transportation and logistics.
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Life & Career Timeline
Born in Marks, Mississippi
Frederick Wallace Smith was born in Marks, Mississippi.
Father died
His father, James Frederick 'Fred' Smith (founder of Toddle House and Smith Motor Coach Company), died when Fred was four; he was raised by his mother and uncles.
Recovered from childhood bone disease
Suffered bone disease as a young child and had regained health by about age ten.
Became amateur pilot
Learned to fly and became an amateur pilot as a teenager.
Entered Yale University (Economics)
Matriculated at Yale to study economics; later wrote influential paper on overnight delivery services.
Wrote Yale term paper outlining overnight delivery idea
While an undergraduate he wrote a term paper proposing an overnight delivery network for a computerized society — the germ of the idea that became FedEx (professor reportedly gave a 'C' according to some accounts).
Commissioned in U.S. Marine Corps
After graduation he commissioned in the U.S. Marine Corps and deployed to Vietnam.
Graduated Yale with BA in Economics
Received bachelor's degree in economics from Yale University; member and later president of Delta Kappa Epsilon and member of Skull and Bones.
Received Bronze Star and two Purple Hearts (Vietnam)
During two tours in Vietnam he was wounded (two Purple Hearts) and received the Bronze Star; discharged honorably with rank of Captain.
Awarded Silver Star for gallantry in Vietnam
Received the Silver Star for conspicuous gallantry during combat operations on Gò Nổi Island, Quang Nam Province (citation dated May 27, 1968).
Honorably discharged from Marines
Completed military service (served approximately 1966–1969) and left the Marine Corps as a captain.
Married Linda Black Grisham
First marriage; marriage later ended in divorce in 1977 (divorce recorded in sources).
Purchased controlling interest in Ark Aviation Sales
Bought Ark Aviation Sales and shifted its focus to trading used jets by 1971 as part of early aviation business activity.
Raised venture capital to launch Federal Express
Secured approximately $91 million in venture capital to fund FedEx's early operations.
Founded Federal Express (FedEx)
Formally founded Federal Express (FedEx) using a $4 million inheritance to launch the overnight delivery business.
FedEx began operations (25 cities; 14 jets)
FedEx launched scheduled overnight service to 25 U.S. cities with a fleet of 14 Dassault Falcon 20 jets; first night moved 186 packages.
Introduced the idea of integrated air-ground system (business model)
Established FedEx around the integrated air-ground 'bank-clearing-house' model for shipments — fundamental product/business innovation that differentiated FedEx.
Company near bankruptcy; gambling anecdote kept FedEx alive
During early cash crisis, Smith reportedly took the company's last $5,000 to Las Vegas and won $27,000 playing blackjack to cover a $24,000 fuel bill, keeping operations running another week.
Involved in a fatal hit-and-run incident; charges dismissed
On the evening of the 1975 indictment, Smith was involved in a crash that killed a 54-year-old man; he was arrested and charges were later dismissed.
Indicted for forgery; later acquitted
A federal grand jury indicted Smith for forgery related to alleged loan documents (filed by half-sisters); later found not guilty.
FedEx reached profitability
After losing roughly $27 million in its first two years, FedEx achieved profitability in 1976.
FedEx went public (IPO)
Company took steps to enter public markets (FedEx went public in the late 1970s).
Flew FedEx's first Falcon fanjet to Andrews AFB
In August 1983 Smith piloted FedEx's first Falcon fanjet from Memphis to Andrews Air Force Base; that aircraft was later donated to the Smithsonian National Air and Space Museum.
FedEx began intercontinental services
Under Smith's direction FedEx expanded to offer intercontinental/ international express services.
Named to Business/Aviation halls and civic leadership roles (various years)
Served on multiple boards and councils: trustee of CSIS; member of the Business Council and Business Roundtable; chairman of U.S.-China Business Council; board member of several public companies; chaired IATA board of governors and U.S. Air Transport Association executive committee (dates vary).
FedEx Express won Malcolm Baldrige National Quality Award
FedEx Express became the first service company to receive the Malcolm Baldrige National Quality Award.
Owned Memphis Mad Dogs (CFL)
Served as owner of the Memphis Mad Dogs Canadian Football League team (1995).
UPS strike — FedEx stepped in, pulled market share
During the 1997 UPS strike FedEx handled roughly 800,000 extra packages per day, gained about two percentage points of market share to more than 43%, and its stock rose ~70% that year.
Acquired Caliber System (RPS) for $2.7B
FedEx purchased Caliber System for $2.7 billion; acquisition added 13,500 trucks and strengthened ground operations.
FedEx installed computers and customer electronic systems (1990s)
During the 1990s FedEx installed computer terminals and proprietary software in customer offices and enabled widespread electronic label printing — a strategic technology milestone.
Inducted into Junior Achievement U.S. Business Hall of Fame; Golden Plate Award
Received multiple recognitions in 1998 including induction into the Junior Achievement U.S. Business Hall of Fame and the Golden Plate Award of the American Academy of Achievement.
Considered (and declined) Defense Secretary appointment
Reportedly Bush's first choice for U.S. Secretary of Defense after the 2000 election; Smith declined for medical reasons and Donald Rumsfeld was appointed instead.
FedEx rebranded (shortened name); cameo in Cast Away
Corporate name/branding streamlined to FedEx (Federal Express marketed under FedEx) and Smith appeared as himself in the film Cast Away (filmed at FedEx facilities).
Inducted into SMEI Sales & Marketing Hall of Fame
Received induction into the Sales & Marketing Executives International (SMEI) Hall of Fame.
USPS large-mail contract; installed FedEx drop boxes in Post Offices
FedEx signed an unprecedented deal with the U.S. Postal Service to transport large mail shipments and installed FedEx drop boxes in USPS locations.
Acquired minority stake in NFL team (Washington Redskins)
Bought a minority stake (part of a group that held ~40%) in the Washington Redskins; later sold stake in 2021.
Appearance at Boston College Chief Executives’ Club luncheon
Spoke publicly on leadership and FedEx strategy (example appearance November 6, 2002; many public speaking engagements through career).
Purchased minority stake in Washington Redskins
Along with Robert Rothman and Dwight Schar, bought a minority share of the NFL's Washington Redskins; the three collectively owned about 40% of the team.
Named 'CEO of the Year' by Chief Executive magazine
Received Chief Executive magazine's 'CEO of the Year' award.
FedEx acquired Kinko's (later FedEx Office)
FedEx purchased Kinko's (document services/retail stores) and later rebranded it as FedEx Office; also took on international express shipments for the USPS.
Married Diane Smith
Married Diane Smith (second recorded marriage).
CEO compensation disclosed for 2008
Total CEO compensation reported as $10,434,589 (base salary $1,430,466; cash bonus $2,705,000; options granted $5,461,575).
Received multiple lifetime/business leadership awards
Over his career Smith received numerous awards (Wright Brothers Memorial Trophy; George C. Marshall Foundation Award; Atlantic Council Distinguished Business Leadership Award; Circle of Honor from Congressional Medal of Honor Foundation; Aviation and Business Hall of Fame inductions — dates vary/not all specified).
Received Bower Award for Business Leadership
Awarded The Franklin Institute's 2008 Bower Award for Business Leadership.
Received Kellogg Award for Distinguished Leadership
Awarded the 2008 Kellogg Award for Distinguished Leadership by the Kellogg School of Management (May 29, 2008).
CEO compensation disclosed for 2009
Total CEO compensation reported as $7,740,658 (base salary $1,355,028; options $5,079,191; other $1,306,439).
Received Tony Jannus Award for commercial aviation
Honored with the Tony Jannus Award for distinguished contributions to commercial aviation.
Spoke at OPEC Oil Embargo +40 conference
Delivered a speech at the OPEC Oil Embargo +40 conference hosted by Securing America’s Future Energy (SAFE) in Washington, D.C.
Ranked 26th on Fortune's 'World's 50 Greatest Leaders'
Fortune magazine placed him 26th on its list of the 'World's 50 Greatest Leaders' (March 2014).
FedEx acquired TNT Express for $4.8B
FedEx purchased competitor TNT Express for approximately $4.8 billion, strengthening European operations (April 2015).
FedEx fleet and scale milestone (end of 2016)
FedEx reported an operational fleet of about 656 aircraft (281 Boeing freighter variants among them) by end-2016.
Committed to 16 Boeing 777 freighters (~$5B list price)
FedEx announced a commitment for 16 Boeing 777 freighter aircraft at list prices marginally above $5 billion (January 2016).
FedEx annual revenue exceeded $87 billion (2021)
FedEx reported annual revenue above $87 billion for 2021.
Sold minority Redskins stake to Dan Snyder (partners exited)
The minority owners (including Smith) sold their stake in the Washington Football Team/Commanders back to majority owner Dan Snyder in 2021 amid internal disputes.
Announced stepping down as FedEx CEO
Announced he would step down as CEO and transition to executive chairman; named Raj Subramaniam as his successor (announcement March 28, 2022).
Transitioned to Executive Chairman; Raj Subramaniam became CEO
Formally stepped down as CEO on June 1, 2022, became Executive Chairman, focusing on board governance, sustainability, innovation and public policy.
Special sponsor for Memphis Showboats revival
Served as a special sponsor for the 2023 revival of the Memphis Showboats (single-entity league team revival).
Estimated net worth reported at death
Forbes estimated his net worth at approximately $5.3 billion at the time of his death.
Died in Memphis, Tennessee
Frederick W. Smith died on June 21, 2025, at age 80.
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