Latest news with #RajSubramaniam
Yahoo
an hour ago
- Business
- Yahoo
Fred Smith, FedEx's innovative founder, is dead at 80
Fred Smith, the founder of FedEx who helped create the overnight delivery industry, changing the way businesses and consumers get the goods they purchased, has died. He was 80 years old. His death was confirmed by the company. '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,' said Raj Subramaniam, FedEx's CEO, in a statement. 'He was a mentor to many and a source of inspiration to all.' Smith came up with the idea for FedEx while a student at Yale University, writing a term paper proposing a revolutionary way to deliver time-sensitive shipments. He famously received only an average grade on the paper. He founded the company as Federal Express in 1971 in Little Rock, Arkansas, and it began operations in Memphis two years later, with 389 employees using 14 aircraft to deliver 186 packages to 25 US cities. The company grew steadily over the next 50 years, buying its first seven Boeing 727s freighters after two years of lobbying led to Congress deregulating air cargo. It also bought a series of other companies to help it grow, both internationally and with ground services in the United States, creating both a FedEx Ground unit that moved most of its goods by truck and delivery vans and FedEx Freight, which handled pallet-sized shipments of freight by truck. And it also bought Kinko's copier centers and rebranded them as FedEx Office locations. '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 said in a letter to FedEx employees announcing his retirement as CEO in 2022. After stepping down as CEO, Smith continued to serve as FedEx's executive chairman. Born in 1944 in Marks, Mississippi, Smith served for four years in the US Marines. After two tours of duty in Vietnam, Smith returned to start his company, which grew to a nearly $90 billion global shipping empire across 220 countries and territories. Former President George W. Bush called Smith 'one of the finest Americans of our generation' in a statement on Sunday. 'He built an innovative company that helped supercharge our economy. FedEx changed the way we live and do business,' Bush said in the statement. '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.'
Yahoo
5 hours ago
- Business
- Yahoo
FedEx founder and executive chairman Frederick Smith has died, CEO tells staff
(Reuters) -FedEx Corp's founder and former CEO Frederick Smith, who started the global delivery conglomerate with more than a dozen planes in the 1970s, has died, the company's CEO Raj Subramaniam said in memo to staff posted on its website on Saturday. Born in 1944, Smith was most recently serving as the firm's executive chairman and focused on board governance, as well as issues of global importance, including sustainability, innovation and public policy, according to his profile on FedEx's website. Smith stepped aside as FedEx's CEO in 2022 and was succeeded by Subramaniam, who was then the company's operations chief. "Fred was more than just the pioneer of an industry and the founder of our great company. He was a mentor to many and a source of inspiration to all," Subramaniam said in the memo to staff. Smith, who served as an officer in the U.S. Marine Corps in Vietnam, officially launched Federal Express in 1973 with 389 team members and 14 small planes that flew 186 packages from Memphis to 25 U.S. cities. FedEx operations now include 705 aircraft, more than 200,000 vehicles and about 5,000 operating facilities, according to its website. More than 500,000 employees worldwide handle approximately 17 million shipments each day at FedEx.
Yahoo
5 hours ago
- Business
- Yahoo
FedEx founder and executive chairman Frederick Smith has died, CEO tells staff
(Reuters) -FedEx Corp's founder and former CEO Frederick Smith, who started the global delivery conglomerate with more than a dozen planes in the 1970s, has died, the company's CEO Raj Subramaniam said in memo to staff posted on its website on Saturday. Born in 1944, Smith was most recently serving as the firm's executive chairman and focused on board governance, as well as issues of global importance, including sustainability, innovation and public policy, according to his profile on FedEx's website. Smith stepped aside as FedEx's CEO in 2022 and was succeeded by Subramaniam, who was then the company's operations chief. "Fred was more than just the pioneer of an industry and the founder of our great company. He was a mentor to many and a source of inspiration to all," Subramaniam said in the memo to staff. Smith, who served as an officer in the U.S. Marine Corps in Vietnam, officially launched Federal Express in 1973 with 389 team members and 14 small planes that flew 186 packages from Memphis to 25 U.S. cities. FedEx operations now include 705 aircraft, more than 200,000 vehicles and about 5,000 operating facilities, according to its website. More than 500,000 employees worldwide handle approximately 17 million shipments each day at FedEx. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
6 hours ago
- Business
- CNN
Fred Smith, FedEx's innovative founder, is dead at 80
Fred Smith, the founder of FedEx who helped create the overnight delivery industry, changing the way businesses and consumers get the goods they purchased, has died. He was 80 years old. His death was confirmed by the company. '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,' said Raj Subramaniam, FedEx's CEO, in a statement. 'He was a mentor to many and a source of inspiration to all.' Smith came up with the idea for FedEx while a student at Yale University, writing a term paper proposing a revolutionary way to deliver time-sensitive shipments. He famously received only an average grade on the paper. He founded the company as Federal Express in 1971 in Little Rock, Arkansas, and it began operations in Memphis two years later, with 389 employees using 14 aircraft to deliver 186 packages to 25 US cities. The company grew steadily over the next 50 years, buying its first seven Boeing 727s freighters after two years of lobbying led to Congress deregulating air cargo. It also bought a series of other companies to help it grow, both internationally and with ground services in the United States, creating both a FedEx Ground unit that moved most of its goods by truck and delivery vans and FedEx Freight, which handled pallet-sized shipments of freight by truck. And it also bought Kinko's copier centers and rebranded them as FedEx Office locations. '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 said in a letter to FedEx employees announcing his retirement as CEO in 2022. After stepping down as CEO, Smith continued to serve as FedEx's executive chairman. Born in 1944 in Marks, Mississippi, Smith served for four years in the US Marines. After two tours of duty in Vietnam, Smith returned to start his company that grew to a nearly $90 billion global shipping empire across 220 countries and territories.
Yahoo
6 hours ago
- Business
- Yahoo
Federal Express founder Fred Smith dies aged 80
Fred Smith, founder of the US parcel delivery giant Federal Express, has died at the age of 80, the company has announced. Mr Smith founded the firm in 1973 having previously served in the US Marine Corps. He ran the company as CEO until 2022. "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," current boss Raj Subramaniam wrote in a memo to staff. Born in 1944, Mr Smith started FedEx with 389 staff and 14 small planes that carried 186 packages from Memphis to 25 cities within the US. "He was a mentor to many and a source of inspiration to all. He was also a proud father, grandfather, husband, Marine, and friend," Mr Subramaniam said. FedEx now has more than 500,000 employees across the globe and delivers millions of packages a day. Its operations involve 705 aircraft and 200,000 vehicles, according to its website.
