FedEx will hold a public memorial on Aug. 11 at the FedExForum in Memphis, Tennessee, to honor founder Fred Smith, who passed away on June 21.
Smith built the company from scratch in 1973 into an iconic American brand with annual revenue last year of $88 billion, setting the standard for the modern parcel logistics industry. FedEx (NYSE: FDX) has the world’s largest cargo airline and is a barometer of global trade because its delivery network spans more than 220 countries and territories.
Smith thought the word “federal” suggested an interest in nationwide economic activity and hoped the name would resonate with the Federal Reserve Bank, a potential customer for overnight movement of checks and financial documents, according to a chronology of the company on its website.
The public memorial will feature speakers and musical tributes honoring Smith’s legacy and the role he played in Memphis and the world, according to a Facebook announcement. The event is open to the public, but registration is required for entry.
The FedExForum is the arena where the NBA’s Memphis Grizzlies play.
The Commercial Appeal in Memphis was first to report about the memorial ceremony.
Smith developed the idea of an overnight, hub-and-spoke express delivery company for a term paper at Yale University and turned it into a business after four years in the Marines and fighting in Vietnam. Federal Express began operations in Memphis with 389 employees. On the first night, 14 aircraft delivered 186 packages to 25 U.S. cities.
Smith guided the company as CEO until 2022 and then became executive chairman.
The Memphis-Shelby County Airport Authority recently passed a resolution to rename the Memphis International Airport after Smith.
Click here for more FreightWaves/American Shipper stories by Eric Kulisch.
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