Frederick Wallace Smith, the visionary founder of the US parcel delivery giant Federal Express (FedEx), has passed away at the age of 80. The company announced his death, acknowledging him as more than just a pioneer of an industry and founder, but as the very heart and soul of FedEx, known for its unique PSP culture, values, integrity, and spirit. Raj Subramaniam, Smith's successor as CEO, described him as a mentor and an inspiration to many.

Born in 1944, Fred Smith's remarkable journey began with a strong foundation in public service. After graduating from Yale University, he joined the US Marine Corps as a second lieutenant, serving two tours in Vietnam. He was decorated with medals for bravery and combat wounds before his honorable discharge as a captain in 1969. It was during his time at Yale that Smith conceived the groundbreaking business theory that would become the cornerstone of FedEx: the 'hub and spoke' delivery system. This innovative network, centered around a main hub in Memphis, Tennessee, revolutionized logistics by coordinating cargo flights to ensure swift, often overnight, delivery.

In 1971, at the age of 27, Smith founded Federal Express, leveraging a substantial $4 million inheritance and an additional $91 million in venture capital – an immense sum for the era. The company officially launched operations in 1973 with a modest fleet of 14 small planes, 389 staff, and a daily delivery of 186 packages from Memphis to 25 cities within the US. Early on, FedEx focused on critical sectors like medical and manufacturing, where urgent parts and materials were constantly in demand. The company turned its first profit after just four years in business. Smith often credited his Marine Corps experience with instilling in him a high tolerance for risk, famously illustrating this by turning an initial $5,000 into $27,000 at a Las Vegas blackjack table to cover early fuel costs when the company faced dire financial straits.

FedEx's growth was exponential, significantly bolstered by airline deregulation in the late 1970s, which allowed the company to acquire hundreds of planes and establish an extensive international network. Key acquisitions further solidified its dominance: the 1989 purchase of cargo airline Flying Tigers made FedEx the world's largest full-service, all-cargo airline. This was followed by the acquisition of delivery firm RPS in 1997, which evolved into FedEx Ground, and Kinko's in 2004, forming the FedEx Office retail store network. By 2021, FedEx was shipping approximately 3 billion packages annually, operating with 688 planes across 220 countries and territories. Today, it boasts over 500,000 employees globally, delivering millions of packages daily with a vast fleet of 705 aircraft and 200,000 vehicles.

Beyond his entrepreneurial genius, Fred Smith was a significant influence in Washington D.C., advocating for policies and engaging with presidents throughout his career. He was often seen as a bellwether for the US economy and global trade, frequently called to the White House to discuss economic matters. Smith authored op-eds for publications like the Wall Street Journal, articulating his views on trade and public policy, famously stating that