History of FedEx in Timeline
FedEx Corporation, originally Federal Express, is a multinational conglomerate based in Memphis, Tennessee. Renowned for its overnight air delivery service, FedEx Express, the company has expanded to offer ground shipping, business services, and supply chain solutions through subsidiaries like FedEx Ground, FedEx Office, and FedEx Supply Chain. A major competitor of UPS, FedEx is a significant employer globally with a workforce exceeding 500,000 and holds substantial contracts with the US government, including package transport for the United States Postal Service.
1971: Federal Express Corporation Founded
Frederick W. Smith established Federal Express Corporation in Little Rock, Arkansas in 1971.
1973: Operations Moved to Memphis
Federal Express relocated its operations to Memphis in 1973, strategically choosing Memphis International Airport for its central location and favorable weather conditions.
1973: Federal Express Begins Operations
In 1973, Federal Express commenced operations, marking the start of its journey in the shipping industry.
1981: Launch of the "Fast Paced World" ad campaign featuring John Moschitta, Jr.
In 1981, FedEx, in collaboration with its advertising firm Ally & Gargano, launched the "Fast Paced World" ad campaign featuring John Moschitta, Jr., known for his rapid speech delivery.
1983: FedEx Achieves $1 Billion in Revenue
In 1983, FedEx reached the milestone of $1 billion in revenue, a remarkable accomplishment for a young company that had not engaged in mergers or acquisitions during its initial decade.
1984: Expansion into Europe and Asia
FedEx broadened its global reach in 1984 by expanding its operations into Europe and Asia.
1988: Acquisition of Flying Tiger Line
FedEx acquired Flying Tiger Line in 1988, solidifying its position as the world's largest full-service cargo airline.
1990: FedEx emerges as a major political campaign contributor
Since 1990, FedEx Corp has emerged as a major political campaign contributor in the United States, according to OpenSecrets.
1994: Federal Express Shortens Name to FedEx
For marketing purposes, Federal Express officially adopted its well-known nickname, "FedEx," in 1994.
1994: IRS ruling on FedEx's worker classification
In 1994, the IRS made a decision allowing FedEx to classify its operatives who own their vehicles as independent contractors.
1994: Creation of the FedEx logo
The FedEx logo, a wordmark with a hidden arrow, was designed in 1994 by Lindon Leader of Landor Associates.
October 2, 1997: FedEx Reorganizes as FDX Corporation
On October 2, 1997, FedEx underwent a reorganization, establishing itself as FDX Corporation, a Delaware-based holding company.
January 1998: FDX Corporation Commences Operations
FDX Corporation initiated operations in January 1998, acquiring Caliber System Inc. through Federal Express.
1998: FedEx Acquires Caliber System Inc.
FedEx acquired Caliber System Inc., which included Viking Freight, in 1998.
1999: FedEx Purchases Naming Rights to FedExField
FedEx acquired the naming rights to the Washington Commanders' NFL stadium, FedExField, in 1999.
January 2000: FDX Corporation Becomes FedEx Corporation
In January 2000, FDX Corporation underwent a name change to FedEx Corporation, accompanied by the rebranding of its subsidiaries.
February 2000: Acquisition of Tower Group International
FedEx expanded its logistics capabilities in February 2000 by acquiring Tower Group International, an international logistics company.
2000: Federal Express Becomes FedEx Express
Federal Express was rebranded as FedEx Express in 2000 as part of a company-wide rebranding effort.
2001: FedEx secures a $9 billion deal with the USPS
In 2001, FedEx secured a $9 billion deal with the USPS to handle all of the post office's overnight and express deliveries.
2002: Formation of FedEx Freight
FedEx Freight was established in 2002 after FedEx acquired American Freightways (AF), a regional U.S. LTL carrier.
2002: Potential tax liability for FedEx Ground Division
The IRS's investigation focused on FedEx Ground Division's tax practices in 2002, potentially leading to a tax liability of $319 million.
2003: IRS audits FedEx's worker classification
The IRS initiated audits covering the years 2003 to 2006 to determine whether FedEx had misclassified its operatives.
February 2004: Acquisition of Kinko's, Inc.
FedEx acquired privately held Kinko's, Inc. in February 2004 and rebranded it as FedEx Kinko's, aiming to increase retail access for the public.
September 2004: Acquisition of Parcel Direct
In September 2004, FedEx acquired Parcel Direct, a parcel consolidator, which was then rebranded as FedEx SmartPost.
2004: FedEx acquires Kinko's
In 2004, FedEx acquired the independent company Kinko's and rebranded it as FedEx Kinko's.
2005: FedEx contributes to President George W. Bush's second inauguration
In 2005, FedEx was among the 53 entities that contributed the maximum of $250,000 to sponsor the second inauguration of President George W. Bush.
2006: Acquisition of Watkins Motor Lines
FedEx purchased Watkins Motor Lines, a national LTL carrier based in Lakeland, Florida, in 2006 and renamed it FedEx National LTL.
2006: End of IRS audits on FedEx's worker classification
The IRS conducted audits until 2006 to investigate the potential misclassification of FedEx's workers.
December 2007: IRS investigates FedEx Ground Division's tax practices
In December 2007, the U.S. Internal Revenue Service (IRS) announced a tentative decision, suggesting that FedEx's Ground Division might face a tax liability of $319 million for 2002 due to the potential misclassification of its workers as independent contractors.
June 2008: FedEx Kinko's Renamed FedEx Office
FedEx announced the phasing out of the Kinko's name from its ship centers in June 2008, with FedEx Kinko's becoming FedEx Office.
2008: FedEx's lobbying spending hits lowest point since 2008
FedEx's lobbying spending in 2018 represented its lowest total since 2008.
June 2009: FedEx launches "Brown Bailout" campaign against UPS
In June 2009, FedEx initiated a campaign dubbed "Brown Bailout" targeting UPS and the Teamsters union.
January 2010: FedEx Freight Becomes a Single Entity
The independent subsidiaries of FedEx Freight merged with their parent company in January 2010 to establish a single entity, FedEx Freight Inc.
2013: FedEx recognized as a top employer by Fortune magazine
FedEx was recognized as one of the top 100 companies to work for in 2013 by Fortune magazine.
July 17, 2014: FedEx indicted for conspiracy to distribute controlled substances
On July 17, 2014, FedEx faced an indictment for conspiracy to distribute controlled substances in collaboration with the Chhabra-Smoley Organization and Superior Drugs.
April 2015: Acquisition of TNT Express
FedEx acquired its competitor TNT Express for €4.4 billion in April 2015, with the goal of strengthening its European operations.
February 2016: Launch of FedEx Cares
FedEx launched FedEx Cares in February 2016, a global giving platform, and pledged $200 million by 2020 to support over 200 communities.
July 17, 2016: Department of Justice requests dismissal of indictment against FedEx
On July 17, 2016, the Department of Justice's U.S. Attorney's Office confirmed its request to the U.S. District Court Judge Charles Breyer for the dismissal of the indictment against FedEx.
August 2016: FedEx unifies its brand color
In August 2016, FedEx announced that all its operating units would transition to the purple and orange logo used by the original FedEx logo and FedEx Express.
2017: Tax Payment Post-2017 Fiscal Year
After the 2017 fiscal year, FedEx paid $1.5 billion in taxes, resulting in an effective tax rate of 34%, which was later reduced to 0% due to lobbying efforts.
March 2018: Acquisition of P2P Mailing Limited
FedEx expanded its portfolio by acquiring P2P Mailing Limited, a last-mile delivery service, for £92 million in March 2018.
2018: FedEx spends $10.2 million on lobbying
During 2018, FedEx spent nearly $10.2 million on lobbying efforts targeting the federal government.
2018: FedEx ranks No. 50 on the Fortune 500 list
FedEx secured the No. 50 spot on the 2018 Fortune 500 list of the largest United States corporations by total revenue.
2018: Effective Tax Rate of 0%
Following the 2018 fiscal year, FedEx paid no federal taxes due to the Tax Cuts and Jobs Act of 2017, achieving an effective tax rate of 0%.
2018: Amazon Accounted for 1.3% of FedEx Revenue
In 2018, Amazon represented 1.3% of FedEx's total revenue.
2018: Terminating Partnership with NRA
In 2018, FedEx ended its partnership with the National Rifle Association of America due to pressure from activists, which led to significant criticism.
2018: Safe streets activists criticize FedEx for illegal parking practices
Safe streets activists criticized FedEx, along with other parcel delivery services, for their frequent illegal parking in bike lanes during deliveries in 2018.
January 2019: FedEx Trade Networks Becomes FedEx Logistics
FedEx Trade Networks was rebranded as FedEx Logistics in January 2019.
June 2019: FedEx Ends Amazon Contract for U.S. Express Delivery
In June 2019, FedEx announced its decision to not renew its $850 million contract with Amazon for U.S. domestic express delivery services.
August 2019: FedEx Terminates Ground Deliveries for Amazon
FedEx further severed ties with Amazon in August 2019 by announcing the termination of ground deliveries for the e-commerce giant.
December 2019: Effective Tax Rate of 0%
In December 2019, CNBC included FedEx among 378 Fortune 500 companies that paid an effective federal tax rate of 0% or less due to the Tax Cuts and Jobs Act of 2017. FedEx paid $1.5 billion in taxes after the 2017 fiscal year but paid $0 after the 2018 fiscal year.
July 2020: ALPA calls for suspension of FedEx's Hong Kong operations
In July 2020, the Air Line Pilots Association International (ALPA), representing FedEx Corp pilots, urged a suspension of the company's operations in Hong Kong.
December 2020: Acquisition of ShopRunner
FedEx ventured further into e-commerce in December 2020 with the acquisition of ShopRunner, an e-commerce platform.
December 2020: FedEx reports financial performance for fiscal year 2020
In December 2020, FedEx reported its fiscal year 2020 earnings, showing US$1.286 billion in earnings and US$69.217 billion in annual revenue.
2020: Memphis International Airport Becomes Busiest Cargo Airport
By 2020, FedEx's Superhub at Memphis International Airport earned its title as the busiest cargo airport globally.
2020: Target Date for FedEx Cares Investments
FedEx Cares aimed to complete its $200 million investment in over 200 communities by 2020.
March 2021: FedEx announces plans to achieve carbon neutrality
In early March 2021, FedEx unveiled its plan to make its operations carbon-neutral by 2040.
April 15, 2021: Mass Shooting in Indianapolis
On April 15, 2021, a mass shooting occurred at a FedEx Ground facility in Indianapolis, resulting in nine deaths (including the perpetrator) and at least six injuries. FedEx expressed deep sadness over the loss of their team members.
2021: FedEx Freight Reports $8.9 Billion in Revenue
In 2021, FedEx Freight, the biggest less-than-truckload (LTL) freight carrier in the U.S., reported a revenue of $8.9 billion.
2021: FedEx acknowledges risks to carbon neutrality goal in 10-K filing
In its 2021 10-K filing, FedEx acknowledges potential risks to achieving its carbon neutrality goal by 2040.
March 29, 2022: Frederick W. Smith Announces Retirement
Founder Frederick W. Smith announced his retirement as CEO on March 29, 2022, transitioning to the role of executive chairman.
June 1, 2022: Raj Subramaniam Becomes CEO
Raj Subramaniam, the then-current president and COO of FedEx, succeeded Frederick W. Smith as CEO on June 1, 2022.
2024: FedEx's Naming Rights to FedExField Expire
In 2024, FedEx's naming rights agreement for FedExField will come to an end.
2040: Target date for carbon neutrality
FedEx aims to achieve carbon neutrality by 2040.
