Frederick Wallace Smith, the American business magnate who founded the global shipping giant FedEx Corporation, passed away on June 21, 2025, at age 80. Smith stepped down as CEO in June 2022, succeeded by Raj Subramaniam, but remained chairman. With an estimated net worth of $4.8 billion as of April 2025, he was celebrated as one of the world’s most successful transportation entrepreneurs.
Born August 11, 1944, in Marks, Mississippi, Smith was the son of James Frederick “Fred” Smith, founder of the Toddle House chain and Smith Motor Coach Company (later Dixie Greyhound Lines). Tragically orphaned at four when his father died, young Frederick was raised by his mother and uncles. He overcame childhood bone disease, regaining health by age ten. His education took him from Presbyterian Day School and Memphis University School to Yale University in 1962, where he studied economics. Legend holds he conceived the overnight delivery concept in a college paper receiving a “C,” though Smith later claimed not to recall the grade. At Yale, he joined Delta Kappa Epsilon (DKE), becoming its president, and the secretive Skull and Bones society. He forged lasting friendships with future President George W. Bush (a DKE brother) and Senator John Kerry, bonding over aviation.
After graduating in 1966, Smith served three years as a U.S. Marine Corps captain in Vietnam. As a forward air controller and platoon leader flying the OV-10, he earned the Silver Star, Bronze Star, and two Purple Hearts for exceptional valor, including leading Company K, 3rd Battalion, 5th Marines, through intense combat on Goi Noi Island in May 1968.
Leveraging a $4 million inheritance in 1970, Smith bought Ark Aviation Sales, pivoting it to used jets. On June 18, 1971, he founded Federal Express, raising $91 million in venture capital. Inspired by bank clearing houses, he pioneered an integrated air-ground system. Launching service in 1973 with 14 Dassault Falcon 20 jets, FedEx faced near-collapse early on. In a now-legendary move, Smith allegedly gambled the company’s last $5,000 in Las Vegas blackjack, winning $27,000 to cover a critical $24,000 fuel bill, buying crucial time.
Beyond FedEx, Smith was a minority owner (40%) of the Washington Commanders NFL team (2003-2021, alongside Robert Rothman and Dwight Schar), co-owned Alcon Entertainment, and made a cameo as himself in the 2000 film Cast Away. Despite close ties to both George W. Bush (who twice offered him Defense Secretary, declined due to medical reasons and later his daughter’s illness) and John Kerry, he endorsed Bush’s 2004 re-election and chaired John McCain’s 2008 campaign.
His accolades were numerous: U.S. Business Hall of Fame inductee, American Academy of Achievement’s Golden Plate Award (1998), Chief Executive Magazine’s “CEO of the Year 2004,” Kellogg Award for Distinguished Leadership (2008), Franklin Institute’s Bower Award for Business Leadership (2008), and Tony Jannus Award (2011). Fortune ranked him 26th among the “World’s 50 Greatest Leaders” in 2014.
Smith’s life included personal challenges. In 1975, he faced a federal forgery indictment (later found not guilty) related to a $2 million loan and family trust stock sales. That same evening, he was involved in a fatal hit-and-run, killing handyman George C. Sturghill; charges of leaving the scene and driving with an expired license were dismissed. Earlier, during a Yale summer break, another fatal car crash occurred, killing a front-seat passenger; its cause remained undetermined.
Smith is survived by ten children, including photographer Windland Smith Rice, film producer Molly Smith, Pittsburgh Steelers offensive coordinator Arthur Smith (former Atlanta Falcons head coach), and FedEx executive Richard W. Smith.
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