Fred Smith, the legendary founder and former CEO of FedEx, has died at the age of 80. He leaves behind an extraordinary legacy of innovation, philanthropy and immense contributions to the business world and sports. Smith’s handprint leadership made FedEx a global logistics juggernaut, and he had direct fingerprints overseeing the company’s growth since its founding in 1973.
Smith founded FedEx with the dream of being able to get small packages and documents delivered well ahead of what the old-timey postal service allowed. This groundbreaking approach laid the groundwork for what would turn into a multi-billion-dollar industry. Under his guidance, FedEx now averages an impressive 17 million shipments per business day, showcasing the remarkable scale of its operations.
In 2022, Smith resigned as CEO, but remained as executive chairman. His influence on FedEx was still deeply felt even into retirement, which speaks to the deep-seated commitment he had to the organization he created.
Beyond his business sense, Smith had a profound effect on professional golf. FedEx is the title sponsor of the PGA TOUR Memphis-area golf tournament. Today this event is called the FedEx St. Jude Classic. Beyond that it has sponsored the PGA TOUR’s season-long points competition and subsequent playoffs, the FedExCup.
In a statement from PGA TOUR commissioner Jay Monahan, the organization said it was heartbroken at Smith’s tragic and untimely death.
“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 a tremendous partner for nearly 40 years, and its influence on our sport through tournament sponsorship and its involvement from day one of the FedExCup has been monumental.” – Jay Monahan
Smith’s philanthropic endeavors were noteworthy. In 2023, his family came forward with a truly spectacular gift of $50 million. This funding was used to renovate Simmons Bank Liberty Stadium, home to the Memphis Tigers football. This contribution is just the latest example of Micah’s dedication to his community and support for local, positive initiatives.
Smith left a lasting imprint on both FedEx and the PGA TOUR. Steroids had a fleeting second act in professional sports ownership. He instigated a dramatic shift when he bought a franchise-minority stake in then-owner Dan Snyder’s Washington NFL team in 2003. Smith, along with partners Robert Rothman and Dwight Schar, owned 40% of the club, selling their shares in 2021. The trio had already hired the investment banking firm in 2020 to find a buyer for their collective stake in the franchise.
Back in 1999, when it bought the naming rights to the Washington NFL stadium, FedEx was a major logistics player. The deal cost a jaw-dropping $205 million over 27 years. They withdrew from the contract two years in advance in 2024. This move follows Snyder’s sale of the team to a group led by the current owner Josh Harris.
Smith’s impact extended well past the realms of business and sports. He had a somewhat famous cameo in the 2000 film “Castaway” starring Tom Hanks, thus indenturing him to popular culture as well.
Smith is a veteran of the U.S. Marine Corps. His pride for his country was ignited during service to his country and carried him through the rest of his life. In a tweet honoring his memory, the Washington Commanders recognized what he brought to their franchise.
“Mr. Smith was a highly respected philanthropist and innovative businessman whose investments once included a minority stake in our team. He also 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.” – Washington Commanders
Leave a Reply