Fred Smith, the founder and former executive chairman of logistics and e-commerce giant FedEx, has died.

The company confirmed the development in a statement on Sunday.

“It is with profound sadness and a heavy heart that I share that Frederick Smith, our founder and executive chairman, died earlier today,” Chief Executive Officer Raj Subramaniam wrote on FedEx’s website.

According to CNN, Mr Smith, who is credited for changing the way businesses deliver purchased goods to consumers, died on Saturday.

He was 80.

“Fred was more than just the pioneer of an industry and the founder of our great company. He was the heart and soul of FedEx – its PSP culture, values, integrity, and spirit,” Mr Subramaniam added.

“He was a mentor to many and a source of inspiration to all.”

Mr Smith established FedEx in Little Rock, Arkansas, before beginning operations in Memphis two years later with 389 employees and 14 aircraft to deliver packages to 25 cities in the United States.

Meanwhile, FedEx has grown significantly in the last 50 years, increasing its reach to more than 200 countries and territories through its estimated 698-cargo fleet and over 500,000 employees.

He is survived by his wife, nine of his 10 children, and numerous grandchildren.