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FedEx, previously known as Federal Express, is a major player in the package delivery market and a direct competitor to global leader, United Parcel Service (UPS). Unlike UPS the FedEx story is a relatively short one with the company only being founded by current chief executive, Fred Smith, in 1971. However forty years later, the company has the world's largest airline in terms of freight tons flown and the worlds fourth largest in terms of fleet size, has almost 300,000 employees, and sales revenue of $40 billion.