Professor Speed earned his Ph.D. from Texas A&M University in 1969. At that time he was working as a scientist for NASA in Houston. From there he taught at Texas A&M - Kingsville, Mississippi State University, Louisiana State University and Texas A&M University - Corpus Christi. Speed is best known for his research in linear models. He has received  H.O. Hartley Award, the Shewell Award, Jack Youden Prize and the W. S. Connor Award  for his statistical endeavors. In 2006, he was elected Fellow of the American Statistical Association. In 1987, Dr. Speed was named the Founding Director of the Conrad Blucher Institute for Surveying and Science. He held that position until 1990 when he became a Blucher Chair.

Dr. Speed, a scientist and statistician, is a successful businessman and civic leader. His companies were in oil and gas production, ranching, commercial real estate, and gulf shrimping.

As a civic leader, he held the following positions:

Educational Organizations:

Member, Del Mar Board of Regents, elected official
President, Del Mar Board of Regents, elected official
Member, Corpus Christi Educational Task Force
Member, President's Council of Del Mar College
Member, McDonald Observatory & Astronomy Board of Visitors
Chairman, Texas A&M University College of Science Development Council
Chairman, Corpus Christi Chamber of Commerce Higher Education Strategic Long-range Planning Task Force
Vice President, 4UCC Foundation
Member, Texas Alliance for Mathematics and Science Education
Member, Chancellor's Century Council, Texas A&M University System

Civic Organizations:

Chairman, Policy Training Advisory Committee
President, Corpus Christi Crime Stoppers
Member, Corpus Christi Chamber of Commerce Board of Directors
Board Member, the Corpus Christi Regional Transit Authority, appointed by the City Council.

Environmental Organizations:

Member, Commissioner Mauro's Texas Coastal Management Plan Advisory Committee Chairman of Mayor's Committee on Long Range Water Resources
Special Advisor to the Mayor of Corpus Christi on Fresh Water Releases

Professor Speed and his wife, Diane, are supportive of the arts. Both create porcelain pottery with a specialty in crystalline glazes. In addition, Diane makes porcelain dolls.