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FedEx Corporation (NYSE:FDX) announced Monday that Frederick W. Smith, the company’s founder, executive chairman, and chairman of the board, passed away on Saturday. Smith founded FedEx and served in various leadership roles for decades.
Following Smith’s passing, the FedEx board of directors reduced its size to twelve members and elected R. Brad Martin, previously vice chairman of the board, as chairman effective Monday. Martin will continue to serve as chairman of the audit and finance committee.
The announcement was made in a press release statement included in a filing with the U.S. Securities and Exchange Commission. The board, executive leadership team, and employees of FedEx expressed condolences to Smith’s family and recognized his contributions to the company.
FedEx shares are listed on the New York Stock Exchange under the ticker (NYSE:FDX).
In other recent news, FedEx has been the focus of several analyst reports and company developments. UBS has maintained its buy rating on FedEx, setting a price target of $311, despite acknowledging low expectations for upcoming fourth-quarter financial results. Meanwhile, Evercore ISI lowered its price target to $259, citing macroeconomic challenges and a reduction in earnings estimates for both the upcoming quarter and fiscal 2026. Stephens also adjusted its price target downwards to $280, pointing to ongoing macroeconomic challenges and underperformance in international demand. Bernstein further reduced its price target to $249, expressing concerns about FedEx’s ability to achieve fiscal 2026 earnings estimates due to gaps between its current DRIVE program and future initiatives.
Additionally, FedEx announced the passing of its founder, Frederick Smith. Smith, who stepped down as CEO in 2022, was remembered for his significant contributions to the company and the industry at large. Current CEO Raj Subramaniam shared the news with staff, highlighting Smith’s legacy as a mentor and industry pioneer. These developments come as FedEx navigates a complex economic environment, with analysts closely watching the company’s strategic initiatives and financial performance.
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