In 1970, Smith acquired the managing concern in an aircraft maintenance company, Ark Aviation Sales,and by 1971 turned its emphasis to trading used jets. On June 18, 1971, Smith created Federal Express along with his $4 million inheritance (about $21 million in 2008 dollars),and brought up $91 million (about $484 million in 2008 dollars) in business capital. In 1973, the company began offering service to twenty five cities, and it started with smaller packages and documents and a number of 14 Falcon 20 (DA-20) jets. His concentration was on building an integrated air-ground system, which had never ever been done before. Smith established FedEx on the business prospect of a shipment version of a bank clearing house where one bank clearing house was based in the middle of the representative banks and all their representatives will be sent to the central location to change materials.
In addition to FedEx, Smith also is a co-owner of the Washington Redskins NFL Team. His son, Arthur Smith, who played football from the University of North Carolina, is currently a coach for the Washington Redskins. This partnership leaded to FedEx sponsorship of the Joe Gibbs NASCAR racing team. Smith also owns or co-owns several entertainment companies, including Dream Image Productions and Alcon Films (producers for the Warner Bros. film Insomnia starring Al Pacino and Robin Williams).
In 2000, Smith came out as himself in the Tom Hanks movie Cast Away, when Tom's character is welcomed back, which was filmed on location at FedEx's home facilities in Memphis, Tennessee.
Smith was obviously a supporter of Senator John McCain's 2008 Presidential bid, and had been named McCain's National Co-Chairman of his campaign committee. Some had speculated that Smith could have a role as an economic advisor in a theoretical McCain administration.
Smith was inducted into the Junior Achievement U.S. Business Hall of Fame in 1998. His other honors include "CEO of the Year 2004" by Chief Executive Magazine and also the 2008 Kellogg Award for Distinguished Leadership, presented from the Kellogg School of Management on May 29, 2008.He has also been awarded the 2008 Bower Award for Business Leadership by The Franklin Institute in Philadelphia, Pennsylvania.He is the 2011 person receiving the Tony Jannus Award for distinguished efforts to commercial aviation. While CEO of FedEx in 2008, Frederick W. Smith gained a total compensation of $10,434,589, which included a base salary of $1,430,466, a cash bonus of $2,705,000, stocks and shares granted of $0, and options granted of $5,461,575.In June 2009, Smith depicted desire in getting the controlling share (60%) of the St. Louis Rams from Chip Rosenbloom and Lucia Rodriguez.In 2009, Frederick W. Smith earned a complete payment of $7,740,658, which bundled a base pay of $1,355,028, a cash bonus of $0, shares given of $0, options granted of $5,079,191, and some other compensation totaling $1,306,439.
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