FedEx was founded in 1971 by Frederick W. Smith with 389 workers and an initial investment of $84 million. It was the first company to offer money-back guarantees if a package was not delivered on time. FedEx now has over 425,000 employees and handles 3.4 million packages daily using a global hub and spoke system with 669 aircraft and 43,000 vehicles. The company focuses on meeting customer expectations through a people-first service and profit philosophy.