FRED Smith, the billionaire founder of revolutionary delivery firm FedEx, has died at the age of 80.
FedEx started up in in 1973 delivering small parcels and documents more quickly than the postal service.
GettyFred Smith, founder of FedEx, has died at 80[/caption]
GettySmith leaves behind 10 children[/caption]
FedEx is worth around $54billion
Smith oversaw its growth to a behemoth of the industry, relied upon by other companies all over the world.
The business now delivers a staggering 17million parcels every day.
His cause of death is yet to be confirmed.
After Smith graduated Yale University, he used a business theory he developed in college to create a delivery system.
His approach became known as a “hub and spokes” system, and was based on coordinated air cargo flights centered around a main hub.
At the start, FedEx had 14 small aircraft operating out of the Memphis International Airport flying packages to 25 American cities.
Smith, worth $5.3billion at his death according to Forbes, was also known for his philanthropy.
He stepped down as FedEx’s CEO in 2022, but remained at the helm as executive chairman.
Memphis’s former mayor Jim Strickland hailed him as “the most significant Memphian in history”.
Strickland said: “He benefited our city in every way possible and allowed generations of Memphians to achieve the American dream.
“God bless Fred Smith. My condolences to the Smith family.”
He donated millions of dollars to the Marine Corps Scholarship Foundation – after serving for four years in the Marine Corps himself.
In an 2023 interview, he said that all the experience he used to run FedEx came from his experience in the Marines, not what he learned at Yale.
Politicians and commercial figures have paid tribute to the legendary businessman.
Tennessee Senator Marsha Blackburn said: “I am deeply saddened by the passing of Fred Smith.
“As the founder of FedEx, his leadership and innovation transformed global commerce, and he will be remembered for his relentless drive, patriotism, and commitment to service.
“His legacy will endure not only through the company he built but through the countless lives he touched.
“Praying for his wife, children, and family.”
GettySmith was worth over $5billion at the time of his death[/caption] Published: [#item_custom_pubDate]
