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Investing.com -- FedEx Corp (NYSE:FDX) founder and former CEO Frederick Smith has died, the company announced Saturday.
Smith, who founded the global delivery conglomerate with more than a dozen planes in the 1970s, stepped aside as CEO in 2022.
He was succeeded by Raj Subramaniam, who was the company’s operations chief at that time.
Subramaniam shared the news in a memo to staff posted on the company’s website.
"Fred was more than just the pioneer of an industry and the founder of our great company. He was a mentor to many and a source of inspiration to all," Subramaniam wrote in the memo.
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