Smith was born in Worcester, Massachusetts. He joined General Motors as a payroll auditor in 1961, moving to its financial group in New York City in 1966. He went on to hold positions ranging from director of international planning to president of GM Canada, president of GM Europe and head of international operations.
Along with his chairmanship of Delta, Smith is currently a director of several other entities, including Procter & Gamble and The Nature Conservancy. Smith is a trustee of Boston University. He received his Bachelor of Business Administration from the University of Massachusetts in 1960 and a Master of Business Administration from Boston University in 1965.