FedEx founder Frederick W. Smith is stepping down as chairman and chief executive on June 1, the company announced Monday. Smith will become CEO and Raj Subramaniam will be promoted to President and CEO, the company said. Frederick W. Smith, left, and Raj Subramaniam. (Business Wire via AP) “FedEx has changed the world by connecting people and capabilities over the last 50 years,” Smith said in a statement. “As we look to the next, I am very pleased that a Raj Subramaniam caliber leader will lead FedEx to a very successful future.” TESLA ANNOUNCES PLANS FOR SECOND SHARE SEPARATION IN TWO YEARS Smith said he would focus on global issues such as sustainability, innovation and public policy. Subramaniam called Smith “a visionary leader and legend in the business world.” A cargo plane is refueled on asphalt at the FedEx Corp. distribution hub. at Los Angeles Intl Airport (LAX) in Los Angeles, California, USA on Monday, December 15, 2014. (Photographer: Patrick T. Fallon / Bloomberg via Getty Images) “He founded one of the biggest and most wonderful companies in the world and it is my honor and privilege to enter this role and build on what he has created,” said Subramaniam. CLICK HERE TO READ FOX BUSINESS ON THE GO Smith started FedEx in Little Rock, Arkansas in 1971, delivering small parcels and documents faster than mail. Over the next half century, it oversaw the development of a company that combined air and ground services and became something of an economic bell because of its services to other companies. The Associated Press contributed to this report.
