Conclusion The story of FedEx’s decline and Collierville’s transformation is a microcosm of a quiet crisis that has been unfolding across the United States for decades, though it has accelerated greatly in the past five years. What began with a change in leadership from founder Fred Smith to CEO Raj Subramaniam has culminated in a vote of no confidence from its pilots, an exodus of loyal customers, and a community in the heart of Tennessee that is now unrecognizable to its lifelong residents.