The FedEx Corp. board of directors has elected R. Brad Martin as chairman to replace founder and executive chairman Frederick Smith, who died Saturday, and voted to reduce the size of the board to 12 members, the company said in a regulatory filing.
Martin previously served as vice chairman. He leads the board’s audit and finance committees.
“The board, executive leadership team, and employees of FedEx extend their deepest condolences to Mr. Smith’s family expresses profound gratitude for his vision, leadership, and extraordinary contributions to FedEx, the country, and the world,” the report said.
Smith founded FedEx Express Corp. (NYSE: FDX) fifty-four years ago and revolutionized the parcel delivery business. He is considered a giant of the modern freight transportation industry, along with Malcolm McLean, who invented the ocean shipping container.
Born in Mississippi and raised in Memphis, Tennessee, Smith entered Yale College in 1962 to pursue a degree in economics. While at Yale, he worked as a charter pilot and conceived the idea for an integrated air-to-ground system that would ensure overnight delivery, a concept that would eventually become Federal Express.
After graduating from Yale in 1966, he served four years in the United States Marine Corps, including two tours of duty in Vietnam where he served as a rifle platoon leader, a company commander, and aerial observer/tactical air controller. He was decorated with the Silver Star, Bronze Star, and two Purple Hearts for his military service. He left the Marine Corps in 1970 as a captain.
Smith launched Federal Express in 1973 with a fleet of 14 Dassault Falcon jets and a vision to disrupt the transportation and logistics sector. He built the company into a multinational giant with $88 billion in annual revenue today. In 2022, he stepped down as CEO to focus on being executive chairman and global policy issues such as sustainability and trade facilitation.
“Frederick W. Smith pioneered express delivery and connected the world, shaping global commerce as we know it. His legacy of innovation, leadership, and philanthropy will continue to inspire future generations. I will miss not only his visionary leadership, but his trusted friendship and counsel,” CEO Raj Subramaniam said in a company blog post.
Memorials can be made to the FedEx Founder’s Fund supporting volunteerism, community endeavors, and Veterans and their families, or the Marine Corps Scholarship Foundation providing scholarships for the children of military families attending post-high school, undergraduate, and career and technical education programs in all 50 states. In addition, memorials may be made to Le Bonheur Children’s Hospital and St. Jude Children’s Research Hospital, according to FedEx.
For more details about Smith’s life and career read FreightWaves’s obituary from Sunday morning.
Click here for more FreightWaves/American Shipper stories by Eric Kulisch.
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