Fred Smith, founder of FedEx Corp., died at 80, having transformed the express delivery industry since the company's launch in 1973. Under his leadership, FedEx became essential to global logistics, averaging 17 million shipments daily. Smith utilized a unique hub-and-spoke system, which he conceived while a student at Yale, enhancing time-sensitive deliveries and reducing inventory reliance. Despite stepping down as CEO in 2022, he remained executive chairman. His experience in the military influenced his business approach, and he aimed for an impactful name for FedEx, which reflects his ambitious vision for the firm.
"The company played a major role in the shift by American business to greater use of time-sensitive deliveries and less dependence on large inventories."
"Smith came up with the name 'Federal Express' to convey the size and importance he envisioned for his fledgling company."
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