Former President also honored Smith, calling him “one of the finest Americans of our generation.”

“He built an innovative company that helped supercharge our economy. FedEx changed the way we live and do business,” Bush said in the statement on June 22, 2025. “My Yale fraternity brother loved America. He was a citizen, not a spectator. He served as a Marine in Vietnam and was rightly proud of his association with our military. I twice asked him to serve as Secretary of Defense, and he declined twice only because of his devotion to his family. Laura and I send our condolences to Fred’s beloved children and grandchildren and his wife, Diane.”

Find out more about Smith below.

Smith was an American entrepreneur and the founder of FedEx, the first company to make overnight package delivery a cornerstone of its business. Born in Mississippi in 1944, Smith served in the U.S. Marine Corps before launching Federal Express in 1971. His groundbreaking hub-and-spoke model transformed global logistics and helped FedEx grow into one of the world’s largest transportation companies. He led the company as CEO for nearly 50 years, stepping down in 2022 while remaining executive chairman until his death.

“We were a small startup and had our share of skeptics. But that first night of operations set into motion what would become a global connector of people and possibilities that would change our world for the better,” Smith wrote in a 2022 letter to employees announcing his retirement.

At the time of his death, Smith’s net worth was estimated to be $5.3 billion, according to Forbes.

As of now, no official cause of death has been publicly confirmed. However, local outlets in Memphis and Gray News reported that Smith died after suffering a heart attack on Saturday evening.