Fred Smith, the founder and former CEO of FedEx, is dead at age 80. It is as a great and esteemed businessman and philanthropist that he leaves behind his most powerful legacy. Smith resigned as CEO in 2022 but remained on board as executive chairman. He earned a reputation for his forward-looking strategy to supply chain management, along with his commitment to numerous philanthropic endeavors. His death was announced Monday by members of his family. This news has generated moving remembrances from all of the groups and people whose lives he influenced.
Smith is a native of the year 1943. He was a Marine Corps captain in Vietnam, after two combat tours, receiving valor decoration for courage under fire and three combat wounds. In 1971, at the age of 27, he launched FedEx. This shift revolutionized the package delivery business by providing a speedier service than the U.S. postal service could provide. Today, the company averages 17 million shipments per day globally, solidifying its position as a leader in transportation and logistics.
Aside from his business savvy, Smith was a transformative sports leader. In 1999, FedEx entered into a 27-year, $205 million naming rights agreement to the Washington NFL franchise’s stadium. As a minority owner, Smith controlled a 40% stake in the team. He built the company jointly with Robert Rothman and Dwight Schar until they sold all their stakes in the company in 2021. He was intensely passionate about changing the name of the franchise. His political muscle was influential when FedEx, owner of naming rights to the stadium, pressured the team to change its name.
In a recent statement, the Washington Commanders paid tribute to Smith, stating, “Mr. Smith was a highly respected philanthropist and innovative businessman whose investments once included a minority stake in our team. He proudly served our country in the US Marine Corps. We send our sincere condolences to Mr. Smith’s family and loved ones, as well as our friends across the FedEx organization.”
Smith’s philanthropic efforts were highlighted by a recent donation from his family of $50 million towards renovations at Simmons Bank Liberty Stadium, home of the Memphis Tigers’ football team. In addition to his significant contributions, this is one example that highlights his profound love for education and athletics.
Smith had a brief cameo in the Tom Hanks 2000 film Castaway. It was through this role that his broader cultural influence beyond the business world became apparent. His character’s role in a Hollywood feature film underscored his work to make him one of the most recognizable figures in American society.
FedEx’s impact didn’t just have a foot print on logistics, but on sports sponsorships as well, including their decades-long partnership with the PGA TOUR. Jay Monahan, CEO of the PGA TOUR, expressed sorrow over Smith’s passing: “The PGA TOUR is saddened to learn of the passing of Frederick W. Smith, the visionary of FedEx who led every day with tremendous character and values. FedEx has been an extraordinary partner, for almost 40 years… We join the Greater Baltimore community in mourning the loss of such a legendary business leader and philanthropist and extending our condolences to his family.”
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