Memphis has recently bid farewell to one of its most prominent sons, Fred Smith, the founder of FedEx. Smith's passing at the age of 80 marks the end of an era for the logistics powerhouse and the city he helped transform. In a statement obtained by Action News 5, close friend and fellow Memphis business titan Pitt Hyde described their last meeting, where Smith shared his cancer diagnosis. "He just got back from Mayo Clinic and had some bad news on cancer," Hyde recalled, noting their lifelong bond that stretched over seven decades since their school days.
Hyde reflected on Smith's vision for FedEx, which was once shared over dinner breaks during his leaves from the Marines. The 'spoke and hub' system conceptualized by Smith revolutionized package delivery, a story well-known to Memphians who have grown accustomed to the sight of FedEx planes tracing their arcs in the sky. Despite the challenges of empty planes and scaling the company, Hyde and Smith thoroughly planned out FedEx's rise to profitability and were dogged in their execution. "It was good for FedEx, and it was great for the country as well," Hyde said, alluding to the deregulation of airlines that Smith helped to usher in, as reported by Action News 5.
Fred Smith's legacy was also celebrated on the House floor this week by Rep. David Kustoff. As WREG reported, Kustoff praised Smith as a titan of industry, a champion for Memphis, and a contributor to both professional and collegiate sports in the city. The congressman remembered Smith as someone who "loved his country and devoted his life to the American dream," while also highlighting Smith's role in creating the National World War II Memorial in Washington, D.C. with support from actor Tom Hanks.
FedEx's top executives also took a moment during a quarterly earnings call to pay homage to Smith's indelible impact on the company and industry. CEO Raj Subramaniam, who had the opportunity to work closely and learn from Smith over 34 years, told The Commercial Appeal, "His legacy will be felt for years to come." The revelation of an engraved message on Smith's watch, "Waste not a moment," served as a poignant reminder of his approach to life and business. Smith's focus until the end—on e-commerce, the company's clearance capabilities, and the growth in global airfreight—speaks volumes of his ongoing commitment to FedEx's success.
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