By The Associated Press
Company founder Fred Smith is stepping down as CEO of FedEx in June. The company said Tuesday that Smith will become executive chairman. FedEx Chief Operating Officer Raj Subramaniam will become CEO. Smith started FedEx in 1973, delivering small parcels and documents more quickly than the post office could. Over the next half-century, he oversaw the growth of a company that combined air and ground service and became something of an economic bellwether because of its service to other companies. The new CEO, Subramaniam, joined FedEx in 1991 and rose through a series of marketing and management jobs in Asia and the United States.