Frederick W. Smith - The Entrepreneur who Created an Industry
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Case Details:
Case Code : LDEN023
Case Length : 15 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : FedEx Corp.
Industry : Logistics
Countries : USA
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"In an environment where there is a shared vision of
excellence, where people can be the best they can be on a daily basis, where
they know what is expected of them, understand that reward is linked to
performance, and believe they can make a difference because they will be heard,
they will make a difference. They will go beyond our expectations and great
things will start to happen."1
- Frederick W. Smith, Chairman and CEO, Federal Express
Corp.
Introduction
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Frederick W Smith (Smith), the Chairman, President, and CEO of FedEx Corporation
(FedEx)2 was presented the Peter F Drucker Strategic
Leadership Award for the year 1997. The award, established in 1995, was in
recognition of an individual's innovative and result-oriented leadership, who
with the help of his team executed a vision with consistency, candor, and focus
(Refer Exhibit I). Impressed by Smith's leadership and entrepreneurial skills,
Drucker commented, "Exceptional leaders know how to ask the right questions.
They start out by asking, 'What needs to be done?' Then they ask, 'What can I do
to make a difference?''' Fred Smith has truly demonstrated the ability to ask
the right questions and to find the right answers.
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He thinks "outside the box" and sees possibilities where others see obstacles.
Under his leadership, FedEx management has developed rigorous processes with
extremely low defect rates; employees are highly motivated and are empowered
through information, technology, and thorough training; and information
technology has transformed the company into a cyberspace leader as well as a
logistics trailblazer."3
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Analysts credit Smith's leadership as the reason for the transformation of
FedEx from a once loss making company to a global logistics industry leader
with revenues of $22.5 bn (Refer Exhibit II).
The company had more than 2,16,500 strong workforce and a business presence
in over 210 countries in 2003. He conceived the idea of an overnight package
delivery system and the 'hub and spoke' concept that led to the creation of
the express industry. Appreciating Smith's visionary leadership, Edward
Wolfe, a financial analyst with the Bear Stearns,4
said "Fred not only created the company, he created the express industry. |
Frederick W Smith-The Entrepreneur
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