FedEx founder Frederick Wallace Smith reportedly died on Saturday, June 21, aged 80. Smith was known for his long career, having wielded considerable influence in both the business and political realms. He notably forged close ties with presidents and presidential candidates, including George W. Bush and John McCain, as well as members of US Congress, while he advocated for minimal trade barriers.

Smith, an American CEO and entrepreneur, had a net worth of $6 billion, according to Celebrity Net Worth. Considered one of the most successful transportation entrepreneurs in the world, Smith founded Federal Express with his $4 million inheritance (worth around $23 million today) in 1971, the outlet reported. He later raised $91 million in venture capital. The business serviced 25 US cities with fourteen jets by 1973. 

Smith earned a total compensation of $10.4 million while he was CEO in 2008, including a base salary of $1.4 million, a cash bonus of $2.7 million, and options granted of $5.5 million. He earned over $7.7 million in salary back in 2009, Smith stepped down as CEO in March 2022 and became executive chairman. Raj Subramaniam became his successor.

Smith, the co-owner of the NFL’s Washington Commanders, also worked on the board for companies such as the Mayo Foundation and St. Jude Children’s Research Hospital. He was inducted into the Aviation Hall of Fame. He was reportedly offered a job as US Defense Secretary after Bush’s election, but he declined.

After Smith’s death, Subramaniam said in a message sent to FedEx team members, according to Commercial Appeal, “Fred was more than just the pioneer of an industry and the founder of our great company. He 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. He was also a proud father, grandfather, husband, Marine, and friend; please keep the entire Smith family in your thoughts and prayers during this difficult time.”