Fred Smith, the founder of FedEx (FDX), passed away on Saturday at the age of 80, according to the company. He transformed a modest delivery service into a worldwide shipping powerhouse.

Raj Subramaniam, who took over as FedEx CEO from Smith in 2022, shared his sentiments on saturday night: “It is with profound sadness and a heavy heart that I share that Frederick W. Smith, our founder and executive chairman, died earlier today. 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.”

In 1973, Smith’s company, then known as Federal Express and based in Memphis, Tenn., initiated operations with 186 deliveries on its frist day. Today, the company delivers approximately 16 million packages daily and generated revenue exceeding $22 billion in its 2024 fiscal year.

FedEx is slated to report its fiscal 2025 fourth-quarter results on Tuesday.

“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.”

The Rise of FedEx and Modern Logistics

The story of FedEx is intertwined with the evolution of modern logistics and global supply chains. From its humble beginnings, the company pioneered overnight delivery and revolutionized how businesses operate.