The founder of FedEx, Fred Smith, a key architect of the overnight delivery industry that reshaped global commerce has died at 80.

The company confirmed his passing.

“Fred was more than just the pioneer of an industry and the founder of our great company. He was the heart and soul of FedEx – its PSP culture, values, integrity, and spirit,” said Raj Subramaniam, FedEx’s CEO, in a statement. “He was a mentor to many and a source of inspiration to all.”

Smith first envisioned the concept for FedEx as a student at Yale University, where he wrote a term paper outlining a new system for delivering urgent shipments—a bold idea that earned only an average grade.

He founded Federal Express in 1971 in Little Rock, Arkansas, and launched operations two years later in Memphis.

The startup began with 389 employees, 14 aircraft, and just 186 packages delivered to 25 U.S. cities.

Over the next 50 years, the company steadily expanded, acquiring its first seven Boeing 727 freighters after Smith’s persistent lobbying helped lead to the deregulation of air cargo by Congress.

To fuel its growth, FedEx acquired a series of companies, expanding both internationally and across U.S. ground operations.

This led to the creation of FedEx Ground, which handled most shipments by truck and delivery van, and FedEx Freight, which specialized in moving pallet-sized freight by road.

“We were a small startup and had our share of skeptics. But that first night of operations set into motion what would become a global connector of people and possibilities that would change our world for the better,” Smith said in a letter to FedEx employees announcing his retirement as CEO in 2022.

After stepping down as CEO, Smith remained actively involved with the company, serving as FedEx’s executive chairman.

After serving two years in the Vietnam War, Smith returned to launch his company—one that would grow into a nearly $90 billion global shipping giant operating in over 220 countries and territories.