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The first big news from FedEx tonight. This guy, Fred Smith, the longtime founder president and CEO of the company, the man who built FedEx from an idea that he wrote about in a college term paper into a global company, is stepping down when Smith started FedEx in the early 1970s. He had just 14 small airplanes and less than 400 workers. FedEx only delivered overnight to 25 cities. It now has almost 700 aircraft, more than 600,000 workers and serves 680 airports. Around the globe, Smith chose Memphis as its headquarters because of the citys central location and milder weather. But as of June 1st, the 77 year old will retire and hand control of the company to Raj Subramaniam, whos been with FedEx since 1991. Smith will have a diminished role as executive chairman of the company.