Frederick W. Smith, the founder of FedEx, died Saturday, according to an announcement from the company.

He was 80 years old.

Smith, a Marine Corps veteran, founded the company in Memphis, Tenn, in 1973 as a way to deliver packages faster than the postal service.

Over the next half-century, FedEx became a global transportation and logistics company that averages 17 million shipments per business day, according to AP News.

Smith stepped down as CEO in 2022 but remained executive chairman.

From 2003 to 2021, Smith was also a minority owner of the Washington Commanders and was a driving force behind the team’s name change in 2020.

“The Washington Commanders mourn the passing of Frederick W. Smith, FedEx founder and executive chairman,” the team said in a statement Sunday.

“Mr. Smith was a highly respected philanthropist and innovative businessman whose investments once included a minority stake in our team. He also proudly served our country in the U.S. Marine Corps.”

“We send our sincere condolences to Mr. Smith’s family and loved ones, as well as our friends across the FedEx organization,” the statement continued.