Fred Smith

Fred Smith, The founder of FedEx

Biography

Frederick Wallace Emma Smith was born on August 11, 1944. Fred Smith is the founder, chairman, president, and CEO of FedEx, originally known as Federal Express, the first overnight express delivery company in the world, and the largest in the United States. Smith was born in Marks, Mississippi, the son of James Frederick Smith dropped his first name, expressing a preference to be known as Fred or Frederick the founder of the Toddle House restaurant chain and the Smith Motor Coach Company (renamed the Dixie Greyhound Lines). Fred Smith, the father, died while Smith the son was only 4, and the boy was raised by his mother and uncles. Smith had a great interest in flying, and became an amateur pilot as a teen. He attended elementary school at Presbyterian Day School and high school at Memphis University School. In 1962, Smith entered Yale University.

Career

While attending Yale University, he wrote a paper on the need for reliable overnight delivery in a computerized information age. His professor found the premise improbable and gave him a grade of C for his effort but then the idea remained with him. After he graduated, he joined the military and served two tours of duty in Vietnam. Lt. Smith made some adjustment to make the realities of the war but cherish an advice from a veteran Marine sergeant “Three thing to remember, shoot, move and communicate”. While in the military, he observed the delivery procedures with an aim towards realizing his dreams of a vast network dedicated to overnight commercial delivery. When he left the service, he started his express transport business in 1971. Fred Smith raised $80 million to launch Federal Express, known as FedEx. The delivery services began modestly with small packages and documents. On the first night of the operations, a fleet of 14 jets took off with 189 packages. The venture lost $27 million in the first two years and on the edge of bankruptcy. He then renegotiates his bank loans and was able to keep the company afloat. In 2001, FedEx made a deal with the United States Post Office, contracting to transport large mails shipments, while installing FedEx drop boxes in U.S Post Offices. FedEx took on international express shipments for the Post Office three years later. Today, FedEx is the world’s leading express transportation provider delivering to over 7.5 packages every business day, to more than 220 countries.