Fred Smith

$6.34 B

Ranked #502 in World

About Fred Smith

Frederick Wallace Smith, founder and executive chair of FedEx Corporation, the world's premier transportation company, stepped down as CEO in June 2022, passing the baton to Raj Subramaniam. An industry titan, Smith amassed a net worth of $5.3 billion by June 2023 and is a pivotal member of the Energy Security Leadership Council. Born to a successful business family, Smith conquered early health challenges, pursued economic studies at Yale, and served valiantly in the Marine Corps, earning numerous medals. Launching FedEx in 1971, he revolutionized express delivery and amassed notable business accolades. Despite legal setbacks, Smith’s diverse investments and personal life remain influential.

Born

August 11, 1944 in Marks, Mississippi, U.S.

Source Of Wealth

FedEx

Industries

Logistics

Citizenship

United States

Residence

Memphis, Tennessee

Education

Bachelor of Arts/Science, Yale University

Spouse

Linda Black Grisham (Married: 1969; Divorced: 1977), Diane Smith (Married: 2006)

Children

Richard Smith, Arthur Smith, Cannon Smith, Windland Smith Rice, Molly Smith

Parent

James F. Smith, Sally Wallace

Frederick Wallace Smith, born on August 11, 1944, in Marks, Mississippi, is an American business magnate and investor. His father, James Frederick "Fred" Smith, founded the Toddle House restaurant chain and Smith Motor Coach Company (later renamed Dixie Greyhound Lines). Tragically, Smith's father passed away when he was just four years old, leaving him to be raised by his mother and uncles.

As a child, Smith faced challenges due to a bone disease that left him crippled. However, he displayed remarkable resilience and regained his health by the age of 10. He attended the Presbyterian Day School in Memphis and later Memphis University School, where he developed a passion for aviation and became an amateur pilot during his teenage years.

In 1962, Smith enrolled at Yale University, where he studied economics. During his time at Yale, he wrote a paper on an overnight delivery service, which reportedly received a "C" grade (though this remains unconfirmed). Smith was an active member of the Delta Kappa Epsilon (DKE) fraternity and the Skull and Bones secret society. He graduated with a bachelor's degree in economics in 1966.

During his college years, Smith formed close friendships with future U.S. President George W. Bush, who was a fellow DKE fraternity brother, as well as future U.S. Senator and Secretary of State John Kerry, sharing a common interest in aviation.

Fred Smith: Marine Corps Service

After graduating from Yale, Smith was commissioned as an officer in the United States Marine Corps and served from 1966 to 1969. He demonstrated exceptional leadership as a platoon leader and forward air controller (FAC), flying OV-10 aircraft. Smith completed two tours of duty in South Vietnam and was honorably discharged with the rank of captain in 1969.

For his actions in Vietnam, Smith received the Silver Star, Bronze Star, and two Purple Hearts, recognizing his bravery and dedication to his country.

Fred Smith: Business Career

In 1970, Smith purchased a controlling interest in Ark Aviation Sales, a company focused on trading used jets.

However, his entrepreneurial spirit led him to establish Federal Express (FedEx) on June 18, 1971, with an initial investment of $4 million from his inheritance and an additional $91 million in venture capital.

FedEx commenced operations in 1973, serving 25 cities and specializing in the delivery of small packages and documents. With a fleet of 14 Falcon 20 jets, Smith developed an integrated air-ground system inspired by the bank clearing house concept. Despite initial challenges, including securing a crucial business loan through a $27,000 gambling win in Las Vegas, Smith's determination and innovative approach propelled FedEx to success.

In 2003, Smith, along with Robert Rothman and Dwight Schar, acquired a minority share of the Washington Commanders, an NFL franchise. However, he sold his stake in the team in 2021.

Smith's business ventures extend beyond FedEx. He owns or co-owns several entertainment companies, including Alcon Entertainment. Notably, he made a cameo appearance as himself in the Tom Hanks movie Cast Away (2000), which was filmed at FedEx facilities in Memphis.

Smith's contributions to the business world earned him consideration for the position of Defense Secretary in George W. Bush's cabinet. However, due to medical reasons, he declined the offer. He later endorsed Bush's re-election in 2004 and was again offered the Defense Secretary position, but he declined once more to spend time with his terminally ill daughter.

In 2008, Smith supported Senator John McCain's presidential bid and served as the national co-chairman of McCain's campaign committee.

Fred Smith: Awards & Achievements

Smith's remarkable achievements have been widely recognized and celebrated. In 1998, he was inducted into the Junior Achievement U.S. Business Hall of Fame and honored with the Golden Plate Award of the American Academy of Achievement.

He was inducted into the SMEI Sales & Marketing Hall of Fame in 2000 and named "CEO of the Year 2004" by Chief Executive Magazine.

In 2008, Smith received the Kellogg Award for Distinguished Leadership from the Kellogg School of Management and the Bower Award for Business Leadership from The Franklin Institute.

Furthermore, Smith was presented with the Tony Jannus Award in 2011 for his significant contributions to commercial aviation.

Fred Smith: Personal Life & Legacy

Smith has a large family, with ten children, including photographer Windland Smith Rice, film producer Molly Smith, and former Atlanta Falcons head coach Arthur Smith. His eldest son, Richard W. Smith, holds a high-level executive position at FedEx.

In 2016, Smith's youngest son, Frederick Buchanan "Cannon" Smith, married Leigh Anne and Sean Tuohy's daughter, Collins.

Fred Smith: Trivia

Smith's life has been marked by both triumphs and challenges. In 1975, he faced legal troubles when a federal grand jury indicted him for forgery related to document forgery and stock sale loss. However, he was found not guilty of the forgery charge.

On the same evening as the forgery indictment, Smith was involved in a fatal hit-and-run accident that resulted in the death of a handyman. He was charged with leaving the scene of a crash and driving with an expired license, but these charges were later dismissed.

Notably, this was not Smith's first fatal car accident. During his college break, he had been involved in another fatal crash.

Wealth History

Timeline

August 11, 1944

Frederick Wallace Smith is born in Marks, Mississippi.

1962

Smith enters Yale University to study economics.

1966

Smith receives a bachelor's degree in economics from Yale University.

1966-1969

Smith serves in the U.S. Marine Corps, completing two tours of duty in South Vietnam.

1970

Smith purchases controlling interest in Ark Aviation Sales, focusing on trading used jets.

June 18, 1971

Smith founds Federal Express (FedEx) with $4 million inheritance and $91 million in venture capital.

1973

FedEx starts service to 25 cities, focusing on small packages and documents with a fleet of 14 Falcon 20 jets.

1975

Smith is indicted for forgery by a federal grand jury, alleging document forgery and stock sale loss.

1975

Smith is found not guilty of the forgery charge.

1975

Smith is involved in a fatal hit-and-run accident, killing a handyman.

1975

Smith is charged with leaving the scene of a crash and driving with an expired license, but the charges are later dismissed.

1998

Smith is inducted into the Junior Achievement U.S. Business Hall of Fame and awarded the Golden Plate Award of the American Academy of Achievement.

2000

Smith is inducted into the SMEI Sales & Marketing Hall of Fame.

2003

Smith purchases a minority share of the Washington Commanders (NFL franchise) with Robert Rothman and Dwight Schar.

2004

Smith is named "CEO of the Year 2004" by Chief Executive Magazine.

2004

Smith endorses George W. Bush's re-election campaign.

2008

Smith receives the Kellogg Award for Distinguished Leadership from the Kellogg School of Management.

2008

Smith is awarded the Bower Award for Business Leadership from The Franklin Institute.

2011

Smith receives the Tony Jannus Award for contributions to commercial aviation.

2016

Smith's youngest son, Frederick Buchanan "Cannon" Smith, marries Leigh Anne and Sean Tuohy's daughter Collins.

2021

Smith sells his stake in the Washington Commanders.

June 2022

Smith steps down as CEO of FedEx Corporation, becoming executive chairman; succeeded by Raj Subramaniam.

Fred Smith : FAQs

What is Fred Smith's net worth?

As of 2024, Fred Smith's net worth was $6.34 billion.

What is the recent change in Fred Smith's net worth?

Fred Smith's net worth increased by 3.81 million dollars recently, a 0.06% increase, with his net worth standing at 6.34 billion dollars.

What are Fred Smith's main sources of wealth?

Fred Smith's main source of income comes from FedEx.

In which industry does Fred Smith primarily operate?

Fred Smith is primarily involved in the Logistics industry.

What is Fred Smith educational background?

Fred Smith holds a Bachelor of Arts/Science from Yale University.

How many children does Fred Smith have?

Fred Smith has 10 children.

Who is Frederick Wallace Smith and why is he significant in the business world?

Frederick Wallace Smith is an American business magnate and investor, best known for founding and serving as the chairman of FedEx Corporation, the world's largest transportation company. His innovative approach to package delivery revolutionized the freight industry.

What military honors did Frederick W. Smith receive for his service?

During his service in the U.S. Marine Corps from 1966 to 1969, Frederick W. Smith was a platoon leader and forward air controller, serving two tours in South Vietnam. He was honorably discharged as a captain and received several honors including the Silver Star, Bronze Star, and two Purple Hearts.

How did Frederick W. Smith start FedEx and what are some key milestones in its history?

Fred Smith founded FedEx on June 18, 1971, with a $4 million inheritance and $91 million in venture capital. The company began service in 1973, focusing on overnight delivery of small packages and documents, and it has since developed an integrated air-ground system that set a new standard in the industry.

What are some key aspects of Frederick W. Smith's personal life?

Frederick W. Smith has ten children, including notable figures such as photographer Windland Smith Rice, film producer Molly Smith, and the former Atlanta Falcons head coach Arthur Smith. His family and personal connections extend into various sectors including sports, entertainment, and politics.