American billionaire and founder of global logistics giant FedEx, Frederick Wallace Smith, has died at the age of 80.

His death was confirmed by both family and company sources on Friday night, June 21, 2025.

In an official statement, FedEx Chief Executive Officer, Raj Subramaniam, described Smith as “more than just the pioneer of an industry and the founder of our great company.”

“Fred was the heart and soul of FedEx — its PSP culture, values, integrity, and spirit.
“He was a mentor to many and a source of inspiration to all, ” the CEO wrote.

Smith, a former U.S. Marine and Yale graduate, founded FedEx in 1971, starting from Little Rock, Arkansas. The company later moved to Memphis in 1973, beginning operations with just 14 aircraft.
The billionaire transformed a college thesis into one of the world’s biggest logistics networks.

His decision to introduce the now-famous “hub-and-spoke” model revolutionised how goods are moved across the globe.

According to Reuters, FedEx now operates in over 220 countries, with 705 aircraft and more than 200,000 delivery vehicles, handling an average of 17 million packages daily.

A known risk-taker, Smith once bet the company’s survival on a $5,000 gamble in Las Vegas. He won $27,000 in a game of blackjack — money that helped refuel FedEx jets and keep the business running.

Smith served as FedEx CEO until 2022 before stepping down to take on the role of Executive Chairman. Until his passing, he remained active in corporate leadership.

He was also known for his philanthropic efforts. During the COVID-19 pandemic, FedEx played a major role in delivering vaccines across the globe.

Tennessee Senator, Marsha Blackburn, said in a tribute, “As the founder of FedEx, his leadership and innovation transformed global commerce.”

Also reacting, former Memphis mayor, Jim Strickland, said Smith “benefited our city in every way possible and allowed generations of Memphians to achieve the American dream.”

Smith had an estimated net worth of $5.3 billion and was father to 10 children.

In a 2016 speech at Yale, he said, “History shows that trade made easy, affordable, and fast… always begets more trade, more jobs, more prosperity.”

Born on August 11, 1944, in Marks, Mississippi, Smith leaves behind a legacy that redefined logistics and inspired generations of entrepreneurs.