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This man served in US Navy, developed business idea in college, built Rs 400000 crore company, his net worth is Rs..., company is...
Frederick Wallace Smith, more commonly known as Fred Smith, was not just a billionaire businessman but a visionary leader who revolutionised the transportation industry big time. Read on to know more about him.
Updated : Jun 23, 2025, 10:31 PM IST
 "Fred Smith, founder of FedEx.")
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Frederick Wallace Smith, more commonly known as Fred Smith, was not just a billionaire businessman but a visionary leader who revolutionised the transportation industry big time. Smith got the idea for Federal Express, which later came to be called FedEx, while studying in college, and over the decades built one of the most iconic companies in the world. He passed away on Saturday at the age of 80 and will be remembered as a legendary business leader.
A decorated Navy officer
Fred Smith, born in 1944, served in the US Marine Corps for four years, from 1966 to 1970, which included two tours of Vietnam. A decorated officer, Smith often credited his time in the military with shaping his leadership style.
Smith developed the core idea for FedEx when writing a term paper while studying economics at the Yale University in 1965. He started the company six years later in 1971, but faced significant financial challenges in the firm's early years. Legend has it that he once kept the company afloat by gambling all the money he had in Las Vegas.
FedEx CEO for decades
Once the initial hardships were over, FedEx got going, and then there was no looking back. Under Smith's leadership, the company pioneered various transportation innovations such as overnight delivery and real-time package tracking. He served as the chief executive officer (CEO) of FedEx for close to five decades, stepping down in 2022 to become Executive Chairman. Smith also supported a range of charitable causes, often away from media attention.
Fred Smith's net worth
Throughout his life, Smith received various prestigious recognitions for his contributions to business, including induction into the Junior Achievement US Business Hall of Fame and the National Aviation Hall of Fame.
At the time of his death, Forbes magazine estimated Smith's net worth at USD 5.3 billion or approximately Rs 46,000 crore (as per today's currency exchange rate).
