Fred Smith

They started an employee stock program, loaning workers money to buy shares.

Courier drivers who joined early became millionaires when the company went public.

The loyalty this created was remarkable.

When cash ran out, employees worked without pay.

Pilots used personal credit cards for fuel.

Managers mortgaged houses so they could make payroll.

Not because they had to, but because they wanted to.

By March 1974, before they were turning a consistent profit, the investors on the board had seen enough.

Federal Express needed another check or it would die.

And they wanted Fred Smith out.

They hired a new CEO with the help of a headhunting firm, General Hal S., a retired Air Force general.

Smith was to be demoted to president at half the salary.

The board meeting to finalize the change ran late into the night.

And while they deliberated, something extraordinary happened.

Every senior officer gathered and drafted a letter.

And the letter said this, the following senior management people do hereby tender their resignations effective immediately upon the resignation or termination of Frederick W. Smith.

Everyone signed it.

The board offered the presidency to one of the revolt leaders and he refused.

He wouldn't take the job without Smith.

After hours of closed-door negotiations, they emerged with a decision.