What is Fred Smith’s Net Worth?
Fred Smith is an American CEO and entrepreneur who has a net worth of $6 billion. Fred Smith is the founder and chairman of FedEx Corporation. He stepped down as CEO in June 2022 to grow to be govt chairman and was changed by Raj Subramaniam. Smith is broadly thought to be probably the most profitable transportation entrepreneurs on this planet.
Early Life
Frederick Wallace Smith was born on August 11, 1944, in Marks, Mississippi. His father, James Frederick “Fred” Smith, based the Toddle House restaurant chain and the Smith Motor Coach Company, later renamed the Dixie Greyhound Lines after The Greyhouse Corporation purchased controlling curiosity in 1931. But the elder Smith handed away when Fred was simply 4 years outdated, and his mom and uncles raised him. Fred grew up battling a bone illness till he was ten years outdated. Within 5 years of changing into wholesome, he was a star soccer participant in his area people and discovered to fly as an newbie pilot.
Smith attended Yale University the place he wrote a mediocrely obtained economics paper that might later function the concept impressed his international model, FedEx. He graduated from Yale in 1966 as a fraternity brother of future President George W. Bush. He spent three years within the U.S. Marine Corps earlier than his honorable discharge in 1969. The embellished veteran earned two Purple Hearts, a Silver Star, and a Bronze Star whereas within the service. Two years later, Smith took his inheritance and a few funding cash and based Federal Express.
FedEx
In June 1971, Fred Smith based Federal Express together with his $4 million inheritance (value round $23 million right now) and raised $91 million in enterprise capital. By 1973, the enterprise serviced 25 U.S. cities with fourteen jets. However, the early years had been powerful for the corporate, and Smith reportedly took the enterprise’ dwindling checking account to Vegas the place he was in a position to earn sufficient to pay the payments in blackjack. Headquartered in Memphis, Tennessee, FedEx is right now one of many greatest in a single day categorical supply corporations on this planet.
While CEO in 2008, Smith earned a complete compensation of $10.4 million, together with a base wage of $1.4 million, a money bonus of $2.7 million, and choices granted of $5.5 million. In 2009, he earned greater than $7.7 million in wage. In March 2022, Fred Smith introduced he was stepping down as CEO to grow to be govt chairman and named long-time FedEx govt Raj Subramaniam his successor.
STEPHANE DE SAKUTIN/AFP/Getty Images
Other Ventures
Smith is the co-owner of the NFL’s Washington Redskins, has labored on the board for corporations such because the Mayo Foundation and St. Jude Children’s Research Hospital, and was inducted into the Aviation Hall of Fame. Though apparently provided a job as U.S. Defense Secretary upon Bush’s election, Smith declined.
Personal Life
Fred Smith married his first spouse, Linda Black, in 1969, and so they divorced in 1977. He and his second spouse, Dianne Avis, have eight youngsters collectively.
In 2016, certainly one of their youngsters, Cannon Smith, married Collins Tuohy, the daughter of Sean Tuohy and Leigh Anne Tuohy, of “The Blind Side” fame.
Smith was a part of the checklist of the World’s 50 Greatest Leaders by “Fortune Magazine” in early 2014. He has additionally battled a number of authorized points, together with a forgery indictment and involvement in a lethal hit-and-run.
All web worths are calculated utilizing knowledge drawn from public sources. When supplied, we additionally incorporate personal ideas and suggestions obtained from the celebrities or their representatives. While we work diligently to make sure that our numbers are as correct as doable, until in any other case indicated they’re solely estimates. We welcome all corrections and suggestions utilizing the button beneath.
