<PAGE>   1
                                                                      EXHIBIT 24

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint Tracy
G. Schmidt and Michael W. Hillard, and each of them, with full power of
substitution and resubstitution, his true and lawful attorneys-in-fact and
agents, with full power and authority to execute in the name and on behalf of
the undersigned as such Director, the Corporation's Annual Report on Form 10-K
with respect to the Corporation's fiscal year ended May 31, 2001, and any and
all amendments thereto; and hereby ratifies and confirms all that said
attorneys-in-fact and agents, or any of them, or their or his substitute or
substitutes may lawfully do or cause to be done by virtue of these presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 29th day of June,
2001.

                                       /s/ DAVID J. BRONCZEK
                                       --------------------------
                                       David J. Bronczek

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Melissa S. Hughes, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that David J. Bronczek, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ MELISSA S. HUGHES
                                       --------------------------
                                       Notary Public

My Commission Expires:

November 15, 2003
-----------------


<PAGE>   2



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 21st day of June,
2001.

                                       /s/ T. MICHAEL GLENN
                                       --------------------------
                                       T. Michael Glenn


STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that T. Michael Glenn, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ MARY T. BRITT
                                       ------------------
                                       Notary Public

My Commission Expires:

March 29, 2005
--------------


<PAGE>   3



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of June,
2001.

                                       /s/ ALAN B. GRAF, JR.
                                       --------------------------
                                       Alan B. Graf, Jr.


STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Alan B. Graf, Jr., personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ MARY T. BRITT
                                       ------------------
                                       Notary Public

My Commission Expires:

March 29, 2005
--------------


<PAGE>   4



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 27th day of June,
2001.

                                       /s/ ROBERT B. CARTER
                                       --------------------------
                                       Robert B. Carter

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Robert B. Carter, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ MARY T. BRITT
                                       ------------------
                                       Notary Public

My Commission Expires:

March 29, 2005
--------------


<PAGE>   5



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, her true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of June,
2001.

                                       /s/ KENNETH R. MASTERSON
                                       --------------------------
                                       Kenneth R. Masterson

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Mary T. Britt, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Kenneth R. Masterson, personally known
to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person, and acknowledged that she
signed and delivered the said instrument as her free and voluntary act, for the
uses and purposes therein set forth.

                                       /s/ MARY T. BRITT
                                       ------------------
                                       Notary Public

My Commission Expires:

March 29, 2005
--------------


<PAGE>   6



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 27th day of June,
2001.

                                       /s/ MICHAEL L. DUCKER
                                       --------------------------
                                       Michael L. Ducker

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Claudia Lack Hite, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Michael L. Ducker, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ CLAUDIA LACK HITE
                                       --------------------------
                                       Notary Public

My Commission Expires:

January 26, 2005
----------------


<PAGE>   7



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 20th day of June,
2001.

                                       /s/ GEORGE W. HEARN
                                       --------------------------
                                       George W. Hearn

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Anne R. Coleman, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that George W. Hearn, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ ANNE R. COLEMAN
                                       --------------------------
                                       Notary Public

My Commission Expires:

October 24, 2001
----------------


<PAGE>   8



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of July,
2001.

                                       /s/ FREDERICK W. SMITH
                                       --------------------------
                                       Frederick W. Smith

STATE OF TENNESSEE

COUNTY OF SHELBY



         I, June Y. Fitzgerald, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Frederick W. Smith, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ JUNE Y. FITZGERALD
                                       --------------------------
                                       Notary Public

My Commission Expires:

December 1, 2002
----------------


<PAGE>   9



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, the principal executive officer and a director of
FEDERAL EXPRESS CORPORATION (the "Corporation"), a Delaware corporation, does
hereby constitute and appoint David J. Bronczek, Tracy G. Schmidt and Michael W.
Hillard, and each of them, with full power of substitution and resubstitution,
his true and lawful attorneys-in-fact and agents, with full power and authority
to execute in the name and on behalf of the undersigned as such officer and
director, the Corporation's Annual Report on Form 10-K with respect to the
Corporation's fiscal year ended May 31, 2001, and any and all amendments
thereto; and hereby ratifies and confirms all that said attorneys-in-fact and
agents, or any of them, or their or his substitute or substitutes may lawfully
do or cause to be done by virtue of these presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 29th day of June,
2001.

                                       /s/ THEODORE L. WEISE
                                       --------------------------
                                       Theodore L. Weise

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Melissa S. Hughes, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Theodore L. Weise, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ MELISSA S. HUGHES
                                       --------------------------
                                       Notary Public

My Commission Expires:

November 15, 2003
-----------------


<PAGE>   10



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, the principal financial officer of FEDERAL
EXPRESS CORPORATION (the "Corporation"), a Delaware corporation, does hereby
constitute and appoint David J. Bronczek and Michael W. Hillard, and each of
them, with full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such officer, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 29th day of June,
2001.

                                       /s/ TRACY G. SCHMIDT
                                       --------------------------
                                       Tracy G. Schmidt

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Melissa S. Hughes, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Tracy G. Schmidt, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ MELISSA S. HUGHES
                                       --------------------------
                                       Notary Public

My Commission Expires:

November 15, 2003
-----------------


<PAGE>   11



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, the principal accounting officer of FEDERAL
EXPRESS CORPORATION (the "Corporation"), a Delaware corporation, does hereby
constitute and appoint David J. Bronczek and Tracy G. Schmidt, and each of them,
with full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such officer, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of July,
2001.

                                       /s/ MICHAEL W. HILLARD
                                       --------------------------
                                       Michael W. Hillard

STATE OF TENNESSEE

COUNTY OF SHELBY


         I, Sarah W. Barry, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that Michael W. Hillard, personally known to
me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ SARAH W. BARRY
                                       --------------------------
                                       Notary Public

My Commission Expires:

February 25, 2004
-----------------


<PAGE>   12



                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS:

         That the undersigned, a Director of FEDERAL EXPRESS CORPORATION (the
"Corporation"), a Delaware corporation, does hereby constitute and appoint David
J. Bronczek, Tracy G. Schmidt and Michael W. Hillard, and each of them, with
full power of substitution and resubstitution, his true and lawful
attorneys-in-fact and agents, with full power and authority to execute in the
name and on behalf of the undersigned as such Director, the Corporation's Annual
Report on Form 10-K with respect to the Corporation's fiscal year ended May 31,
2001, and any and all amendments thereto; and hereby ratifies and confirms all
that said attorneys-in-fact and agents, or any of them, or their or his
substitute or substitutes may lawfully do or cause to be done by virtue of these
presents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of June,
2001.

                                       /s/ DAVID F. REBHOLZ
                                       --------------------------
                                       David F. Rebholz

STATE OF TENNESSEE

COUNTY OF SHELBY



         I, Claudia Lack Hite, a Notary Public in and for said County, in the
aforesaid State, do hereby certify that David F. Rebholz, personally known to me
to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person, and acknowledged that he signed and
delivered the said instrument as his free and voluntary act, for the uses and
purposes therein set forth.

                                       /s/ CLAUDIA LACK HITE
                                       --------------------------
                                       Notary Public

My Commission Expires:

January 26, 2005
----------------