Frederick Wallace Smith (born August 11, 1944) is an American business magnate and investor. He is the founder and chairman of FedEx Corporation, the world's largest transportation company. On June 1, 2022, Smith stepped down as CEO to become executive chairman, and was replaced by Raj Subramaniam. He is considered one of the most successful transportation entrepreneurs in the world. He has an estimated net worth of $4.6 billion (as of October 2021). Early years Frederick Smith was born in Marks, Mississippi, the son of James Frederick "Fred" Smith, the founder of the Toddle House restaurant chain and the Smith Motor Coach Company (renamed the Dixie Greyhound Lines after The Greyhound Corporation bought a controlling interest in 1931). The elder Smith died when his son was only 4, and the boy was raised by his mother and uncles. Smith was crippled by bone disease as a small boy but regained his health by age 10. He attended elementary school at Presbyterian Day School in Memphis and high school at Memphis University School, and became an amateur pilot as a teen. In 1962, Smith entered Yale University. While attending Yale, he wrote a paper for an economics class, outlining overnight delivery service, on which he received a “C”. Additionally, Smith became a member and eventually the president of the Delta Kappa Epsilon (DKE) fraternity and the Skull and Bones secret society. He received his bachelor's degree in economics in 1966. In his college years, he was a friend and DKE fraternity brother of future U.S. president George W. Bush. Smith was also friends with future U.S. Senator and Secretary of State John Kerry; the two shared an enthusiasm for aviation and were flying partners. Marine Corps service After graduation, Smith was commissioned in the U.S. Marine Corps, serving for three years (from 1966 to 1969) as a platoon leader and a forward air controller (FAC), flying in the back seat of the OV-10. He served two tours of duty in Vietnam and was honorably discharged in 1969 with the rank of captain, having received the Silver Star, the Bronze Star, and two Purple Hearts . His Silver Star citation reads: The President of the United States of America takes pleasure in presenting the Silver Star to First Lieutenant Frederick Wallace Smith, United States Marine Corps, for conspicuous gallantry and intrepidity in action while serving as Commanding Officer of Company K, 3rd