One of Memphis’ most famous companies is about to have a new leader at the helm. In a press release Monday, FedEx announced that, effective June 1, 2022, founder, CEO, and chairman Frederick W. Smith will step down from his position as CEO. He will be succeeded by FedEx president and COO Raj Subramaniam.
“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said. “As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future. In my role as Executive Chairman, I look forward to focusing on Board governance as well as issues of global importance, including sustainability, innovation, and public policy.”
Prior to his role as president and COO, Subramaniam was the president and CEO of FedEx Express, and has held plenty of other positions within the organization since joining in 1991.
“Fred is a visionary leader and a legend of the business world,” Subramaniam said. “He founded one of the world’s greatest and most admired companies, and it is my honor and privilege to step into this role and build upon what he has created. As we continue to transform as a company and reimagine what’s next, we will keep our people-service-profit philosophy at our core. I am immensely proud of our 600,000 team members around the world. Together we’ve set into motion ideas that have changed the world for the better, and together we will unlock new value for our people, customers, and shareholders.”
Since helping incorporate the business in 1971, Smith has spent the majority of his career as chairman and CEO of FedEx, turning it into a titan of the transportation and delivery industry. He will remain with the company as executive chairman.
Greater Memphis Chamber president and CEO Beverly Robertson also paid tribute to the longtime business leader.
“From a college class to a global brand, Fred Smith took the kernel of an idea and made it resonate around the world,” Robertson said in a statement Monday. “I feel a deep sense of civic pride every time I fly into Memphis and see row upon row of FedEx airplanes. Because of his profound vision, he’s leaving a powerful legacy that has forever changed the trajectory of this company and this city. We will continue to owe him a tremendous debt of gratitude for his contributions to Memphis.
“Fred Smith couldn’t leave his legacy in better hands than those of his successor. We look forward to seeing Raj Subramaniam continue to build on the solid foundation laid by Fred Smith, whose impact will be felt in Memphis for generations to come.”