FedEx founder Frederick W. Smith is stepping down as the chairman and chief executive officer effective June 1, the company announced Monday.
Subramaniam called Smith a "visionary leader and a legend of the business world."
A cargo plane is refueled on the tarmac at the FedEx Corp. distribution hub at Los Angeles International Airport in Los Angeles, California, U.S., on Monday, Dec. 15, 2014. "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," Subramaniam said. Smith started FedEx in Little Rock, Arkansas in 1971, delivering small parcels and documents more quickly than the post office could.
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