FedEx (FDX) founder Fred Smith, who turned a small supply firm into a world transport big, died on Saturday, the corporate mentioned. He was 80.
“It’s with profound disappointment and a heavy coronary heart that I share that Frederick W. Smith, our founder and government chairman, died earlier right now,” Raj Subramaniam, who succeeded Smith as FedEx CEO in 2022, wrote Saturday night time. “Fred was extra than simply the pioneer of an business and the founding father of our nice firm. He was the center and soul of FedEx.”
In 1973, Smith’s Memphis, Tenn.-based firm, then often called Federal Categorical, started with 186 deliveries on its first day of operations. Now it delivers about 16 million packages per day and, in its 2024 fiscal 12 months, generated income of greater than $22 billion.
FedEx is slated to report fiscal 2025 fourth-quarter outcomes on Tuesday.
