Fred Smith, founder of FedEx Corp. and a
former minority owner of the Washington NFL
franchise, died. He was 80 years old.
Early Life & Upbringing
Born August 11, 1944, in Marks, Mississippi, Fred Smith was the youngest in a family marked by entrepreneurship. His father founded the Dixie Greyhound bus lines and ventured into restaurants, passing away when Fred was just four.
As a child, he struggled with Legg–Calvé–Perthes disease, which limited his mobility until around age 10, but the determination he developed during those years shaped his resilience.
Aviation became a passion early on—learning to fly by his mid-teens—and forged his fascination with logistics and flight operations.
Education & Military Service
Smith attended Yale University, graduating in 1966 with a bachelor’s in economics. While there, he penned a now-famous term paper proposing an overnight delivery service—a paper his professor gave a “C,” doubting its viability.
Immediately after Yale, Smith joined the U.S. Marine Corps during the Vietnam War. He received two Purple Hearts, plus the Silver and Bronze Stars, returning home in 1969 as a decorated captain. His military service, he often remarked, gave him the courage to accept business risk.
Smith, the father of former Atlanta Falcons coach and current Pittsburgh Steelers offensive coordinator Arthur Smith, owned part of the Washington franchise from 2003 through 2021.
"Washing Commanders are saddened by the loss of Frederick W. Smith, FedEx founder and executive chairman," the Commanders wrote in a statement. "Mr. Smith was a renowned philanthropist and entrepreneurial businessman whose investments at one time included a minority interest in our team. He also proudly served his nation in the US Marine Corps. We offer our deepest condolences to Mr. Smith's family and loved ones, as well as our friends throughout the FedEx organization."
In 2003, Smith bought a minority stake in Washington's ownership from Dan Snyder. Smith, Robert Rothman and Dwight Schar controlled 40% of the team prior to selling their stakes in 2021.
The three minority owners were disgruntled with Snyder and in 2020 had engaged a firm to find a buyer for their share. That was while Snyder was being pressured to alter the team's original name. Smith supported a name change, and FedEx, which owned the stadium naming rights, released a statement then stating it had told the team that it wanted it to change the name.
The three minority owners sued Snyder in federal court in November 2020, alleging he interfered with an ongoing sale of their shares to investors who agreed to pay $900 million. They explained that Snyder abused his right of first refusal by making a bid to purchase the shares of Smith and Rothman but not Schar. Snyder had accused Schar of spearheading an attempt to extort him. The NFL subsequently suspended Schar from being part of an ownership group in the future.
The team later renamed to the Washington Football Team in 2020 before renaming to the Commanders in 2022.
Prior to purchasing an interest in the Washington franchise, Smith was involved in a bid in 1993 to obtain an NFL expansion franchise in Memphis, Tennessee, where FedEx has its corporate headquarters. Jacksonville and Carolina, though, were selected by the NFL to be added to the league at that time.
Founding FedEx & the Innovation of Logistics
In 1971, at age 27, Smith founded Federal Express (FedEx), banking on his Yale concept. With $4 million from inheritance and $80–$91 million in venture capital, FedEx began operations in 1973 in Little Rock before moving to Memphis in 1975.
Confronting early losses—famously financing fuel by winning $27,000 at Las Vegas blackjack—Smith persevered, and by 1976 FedEx became profitable.
He pioneered the hub-and-spoke model, using Memphis as a central clearinghouse where packages were overnighted across a growing air and ground network.
The NFL & Media Cameo
His son, Arthur Smith, continued his sports influence by becoming offensive coordinator of the Pittsburgh Steelers and later head coach of the Atlanta Falcons
Beyond sports, Smith made a memorable cameo in Cast Away alongside Tom Hanks, accompanying the emotional weight of FedEx on screen.
In 1999, FedEx entered into a 27-year, $205 million naming rights deal with the Washington NFL team's stadium. FedEx terminated the deal two years prematurely in 2024 after Snyder sold the team to a consortium headed by present owner Josh Harris. FedEx has an independent agreement with the team that continues.
FedEx also owns the naming rights to the Memphis Grizzlies' arena, the FedEx Forum, under a 2002 agreement. The FedEx Forum is also home to the men's basketball team of the Memphis Tigers.
Smith's family gave $50 million in 2023 for renovations to Simmons Bank Liberty Stadium, the stadium of the Memphis Tigers football team. FedEx committed last year to giving $25 million over five years to be applied in name, image and likeness sponsorship agreements with the school's players.
FedEx also has been the title sponsor for the PGA Tour's Memphis-region golf tournament, the FedEx St. Jude Classic, and has been the title sponsor of the PGA Tour's season-long points competition and playoffs, the FedExCup.
"The PGA TOUR was saddened to hear of the passing of Frederick W. Smith the FedEx visionary who lived each day with great values and character," PGA Tour commissioner Jay Monahan said in a statement. "FedEx has been an outstanding partner for almost 40 years, and its impact on our sport via tournament sponsorship and its engagement from day one of the FedExCup has been huge. Fred and his company played important roles in the development and popularity of PGA TOUR golf, and the TOUR still reaps the rewards of his and FedEx's impact, one that will be felt for generations to come. We regret the passing of a legendary business leader and philanthropist and extend our sympathies to his family."
FedEx began business in 1973, shipping small packages and papers faster than the post office. In the ensuing half-century, Smith guided a company that had become a sort of economic weather vane because so many other corporations depend on it.
FedEx is now a worldwide transportation and logistics giant that ships 17 million pieces on average each business day. Smith retired as CEO in 2022 but stayed on as executive chairman.
After graduating from Yale in 1966, Smith enlisted in the U.S. Marines and was commissioned as a second lieutenant. He retired from the military as a captain in 1969 after serving two tours in Vietnam, where he was awarded for courage and wounds sustained in battle.
He explained to The Associated Press in an interview in 2023 that all he did operating FedEx was a product of his Marine experience, not what he learned at Yale.
Despite being one of Memphis's best-known and most-visible citizens, Smith tended to stay out of the public eye, directing his energies toward work and family.
Although he had a low profile, Smith did make a cameo in the 2000 film "Castaway," which starred Tom Hanks. The film was about a FedEx worker who was cast away on an island.
Summary
Fred Smith’s story is one of grit, ingenuity, and unwavering conviction. He transformed a university paper into a global enterprise, reshaped how goods move across borders, and leveraged logistics to bolster global economies. His impact on business, politics, sports, and communities will persist far beyond his years.
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