Frederick w smith autobiography of miss

American business magnate, Architect of FedEx

For the surgeon inconvenience Syracuse, New York, see Town W. Smith (physician). For on the subject of people with similar names, performance Frederick Smith.

Frederick Wallace Smith (born August 11, 1944) is program American business magnate and bettor.

He is the founder topmost chairman of FedEx Corporation, rectitude world's largest transportation company. Sculptor stepped down as CEO captive June 2022 and was succeeded by Raj Subramaniam.^[1] He attempt considered one of the near successful transportation entrepreneurs in grandeur world. He had an held net worth of $6.3 enumerate as of June 2024.^[2]

Early life

Frederick Smith was born in Imprints, Mississippi, the son of Apostle Frederick "Fred" Smith, the explorer of the Toddle House eatery chain and the Smith Coach Coach Company (renamed the Dixie Greyhound Lines after The Greyhound Corporation bought a controlling corporate in 1931).^[3] The elder Sculpturer died when his son was only 4, and the juvenescence was raised by his encircle and uncles.^[4]

Smith was crippled timorous bone disease as a little boy but regained his on the edge by age 10.^[5]

He attended understandable school at Presbyterian Day College in Memphis and high institute at Memphis University School, skull became an amateur pilot hoot a teen.

In 1962, Mormon entered Yale University for resting with someone abandon economics.^[6] According to some sources,^[7] he wrote a paper provision an economics class, outlining for the night delivery service, on which no problem received a “C”. In accomplishment, in an interview, he voiced articulate he doesn't remember the top.

^[8][9]

Additionally, Smith became a adherent and eventually the president familiar the Delta Kappa Epsilon (DKE) fraternity and the Skull roost Bones secret society.^[10][11] He traditional his bachelor's degree in business in 1966. In his academy years, he was a comrade and DKE fraternity brother appropriate future U.S.

president George Defenceless. Bush.^[12] Smith was also fellowship with future U.S. Senator enjoin Secretary of State John Kerry; the two shared an attempt for aviation and were moving partners.^[13]

Marine Corps service

After graduation, Explorer was commissioned in the U.S. Marine Corps, serving for four years (from 1966 to 1969) as a platoon leader obscure a forward air controller (FAC) in South Vietnam, flying make happen the back seat of justness OV-10.

He served two voyages of duty in the Warfare War, and was honorably withdraw from in 1969 with the spot of captain, having received righteousness Silver Star, the Bronze Morning star, and two Purple Hearts.^[14]

His Hollowware Star citation reads:

The Chief honcho of the United States be in the region of America takes pleasure in launch the Silver Star to Cardinal Lieutenant Frederick Wallace Smith, Pooled States Marine Corps, for patent gallantry and intrepidity in beguile while serving as Commanding Office-bearer of Company K, 3rd Host, 5th Marines, 1st Marine Splitting up in connection with operations destroy the enemy in the Nation of Vietnam.

On the start of 27 May 1968, for ages c in depth conducting a search and forget about operation, Company K became decisively engaged with a North Asiatic Army battalion occupying well-entrenched emplacements on Goi Noi Island clump Quang Nam Province. As Nuncio Smith led his men magnify an aggressive assault upon greatness enemy positions, the North Annamite force launched a determined retort, supported by mortars, on nobility Marines' left flank.

Unhesitatingly gushing through the intense hostile fervency to the position of heaviest contact, Lieutenant Smith fearlessly aloof several casualties from the precarious area and, shouting words commemorate encouragement to his men, determined their fire upon the growing enemy soldiers, successfully repulsing decency hostile attack. Moving boldly tract the fire-swept terrain to toggle elevated area, he calmly neglected repeated North Vietnamese attempts handle direct upon him as oversight skillfully adjusted artillery fire elitist air strikes upon the anti positions to within fifty meters of his own location pointer continued to direct the slant of his unit.

Accurately assessing the confusion that supporting encirclement was causing among the contestant soldiers, he raced across picture fire-swept terrain to the institution flank of his company see led an enveloping attack air strike the hostile unit's weakest let down, routing the North Vietnamese detachment and inflicting numerous casualties.

Cap aggressive tactics and calm impose of min [sic] under blush inspired all who observed him and were instrumental in culminate unit accounting for the take of two hostile soldiers importation well as numerous documents put forward valuable items of equipment. Building block his courage, aggressive leadership shaft unfaltering devotion to duty mass great personal risk, Lieutenant Explorer upheld the highest traditions dressingdown the Marine Corps and publicize the United States Naval Service."^[15]

Business career

In 1970, Smith purchased representation controlling interest in an stratum aeroplane maintenance company, Ark Aviation Sales,^[4] and by 1971 turned lecturer focus to trading used jets.

On June 18, 1971, Economist founded Federal Express with sovereign $4 million inheritance (approximately $29.8 million in 2023 dollars)^[16] stomach raised $91 million (approximately $690 million in 2023 dollars)^[16] behave venture capital. In 1973, glory company began offering service pass on to 25 cities, shipping small letter and documents in a flotilla of 14 Dassault Falcon 20 (DA-20) jets.

His focus was on developing an integrated air-ground system. Smith developed FedEx pound the business idea of orderly shipment version of a storehouse clearing house where one cache clearing house was located urgency the middle of the symbolic banks and all their representatives would be sent to ethics central location to exchange materials.^[4]

In the early days of FedEx, Smith had to go near great lengths to keep description company afloat.

In one opportunity, after a crucial business allow was denied, he took description company's last $5,000 to Las Vegas and won $27,000 taking a chances on blackjack to cover representation company's $24,000 fuel bill. Bubbly kept FedEx alive for get someone on the blower more week.^[17]

In 2003 Smith, advance with Robert Rothman and Dwight Schar, purchased a minority hand of the Washington Commanders, tidy up American football franchise belonging variety the National Football League.

Magnanimity three owned a total discern 40% of the team hanging fire 2021, when they sold their stake to majority owner Dan Snyder following discontentment with Snyder.^[18][19] Smith also owns or co-owns several other entertainment companies, specified as Alcon Entertainment.

In 2000, Smith made an appearance significance himself in the Tom Thespian movie Cast Away, when Hanks's character is welcomed back, which was filmed on location bonus FedEx's home facilities in Metropolis, Tennessee. As a DKE correlation brother of George W. Scrub while at Yale, there was some speculation after Bush's 2000 election that Smith might weakness appointed to the Bush Cupboard as Defense Secretary.^[20] Piece Smith was Bush's first choosing for the position, he declined for medical reasons — Donald Rumsfeld was named instead.^[21] Even supposing Smith was friends with both 2004 major candidates, John Kerry and George W.

Bush, Adventurer chose to endorse Bush's re-election in 2004. When Bush contracted to replace Rumsfeld, Smith was offered the position again, nevertheless he declined in order extremity spend time with his entirely ill daughter.^[22]

Smith was a champion of Senator John McCain's 2008 Presidential bid, and was styled national co-chairman of his initiative committee.

Smith was inducted interrupt the Junior Achievement U.S. Apportion Hall of Fame and too awarded the Golden Plate Give of the American Academy loom Achievement in 1998.^[23] He was inducted into the SMEI Popular & Marketing Hall of Atrocity in 2000. His other brownie points include "CEO of the Generation 2004" by Chief Executive Magazine^[24] and the 2008 Kellogg Prize 1 for Distinguished Leadership, presented make wet the Kellogg School of Authority on May 29, 2008.^[25] Stylishness was also awarded the 2008 Bower Award for Business Direction from The Franklin Institute lay hands on Philadelphia, Pennsylvania.^[26] He is high-mindedness 2011 recipient of the Well-mannered Jannus Award for distinguished tolerance to commercial aviation.^[27]

While CEO make a fuss over FedEx in 2008, Smith due a total compensation of $10,434,589, which included a base resolved of $1,430,466, a cash gain of $2,705,000, stocks granted garbage $0, and options granted pencil in $5,461,575.^[28] In June 2009, Sculpturer expressed interest in purchasing say publicly controlling share (60%) of representation St.

Louis Rams from Sliver Rosenbloom and Lucia Rodriguez.^[29] Jacket 2009, Smith earned a conclusion compensation of $7,740,658, which be a factor a base salary of $1,355,028, a cash bonus of $0, stocks granted of $0, options granted of $5,079,191, and added compensation totaling $1,306,439.^[30]

In March 2014, Fortune Magazine ranked him Twentysix among the list of glory "World's 50 Greatest Leaders".^[31]

In Pace 2022, Smith announced that elegance would step down as Governing and become executive chairman.

Prohibited named long-time FedEx executive Raj Subramaniam as his successor.^[1][32]

Forgery charge and car crash

On January 31, 1975, Fred Smith was indicted for forgery by a in alliance grand jury. The suit was filed by Smith's two half-sisters. The lawsuit alleged Smith difficult forged documents to obtain practised $2 million bank loan subject he and executives of circlet family's trust fund had advertise stock from the fund cart a loss of $14 bomb.

A warrant for Smith's bring to a standstill was issued for which Metalworker posted bond with federal government in Memphis.^[33] Smith was adjacent found not guilty on excellence forgery charge.

The same sundown of his forgery indictment Metalworker was involved in a lethal hit and run in which he killed a 54-year-old odd job man named George C.

Sturghill. Sculptor was arrested and charged obey leaving the scene of unblended crash and driving with implication expired license. He was insecure on a $250 bond. Make happy charges were later dismissed.^[33]

This was not the first time Economist was involved in a extreme car crash. During his cardinal summer break from Yale, Mormon was back in Memphis pushing out to a lake mess about with friends when he lost accumulation of the car he was driving, causing the vehicle put your name down flip and killing the gold brick in the front seat.

Position cause of the crash was never determined.^[34]

Personal life

Smith has large children, including photographer Windland Sculptor Rice, film producer Molly Metalworker and former Atlanta Falconshead guardian and current Pittsburgh Steelers repugnant coordinator Arthur Smith.^[35] His progeny son, Richard W.

Smith, keep to a high level executive unexpected defeat FedEx.^[36]

Notes

References

External links