UPS Board of Directors Names David Abney Chairman, Appoints William R. Johnson to Lead Independent Director Role, and Announc...
February 10 2016 - 3:15PM
The UPS® (NYSE:UPS) Board of Directors today announced it has
unanimously elected David P. Abney, UPS Chief Executive Officer, as
Chairman of the Board, effective immediately. Abney succeeds Scott
Davis as Chairman, who will retire from his position on the UPS
Board effective as of the 2016 Annual Meeting of Shareowners.
Additionally, the Board of Directors created a new Lead
Independent Director position, and today the independent directors
appointed William R. Johnson to the role, effective immediately.
Among other responsibilities, the new Lead Independent
Director will play an active role in setting future agendas for UPS
Board meetings, preside at meetings of independent directors, serve
as the liaison between the Chairman and the independent directors,
and consult on shareholder engagement and governance matters.
Johnson, a former chairman, president and CEO of the H. J. Heinz
Company, will continue to serve as Chairperson of the Nominating
and Corporate Governance Committee.
“Our decision to combine the roles of Board Chairman and CEO is
a result of thoughtful consideration of the Board’s leadership
structure. This change will improve strategic alignment and
support the company’s ability to deliver value through profitable
global growth, operating efficiency, customer satisfaction, and
continuous improvement,” said Johnson. “David Abney’s leadership on
our Board, combined with many years of distinguished UPS service
and a strong track record as CEO have prepared him to fulfill the
role of both Chairman and CEO.”
During his tenure as CEO, Abney guided UPS to expand
international and domestic revenue growth, deliver several
consecutive quarters of earnings per share improvement, and
successfully complete and integrate strategic acquisitions.
Prior to his appointment as CEO in 2014, Abney served as chief
operating officer, overseeing logistics, sustainability,
engineering and all facets of the UPS transportation network.
Earlier in his career, Abney held the position of president of UPS
International, driving the company's strategic initiatives to
increase its global capabilities.
“Leading UPS into the future is a great honor, and I thank each
and every UPS employee, our Management Committee, and our Board for
the trust placed in me every day,” said Abney. “Continued
international expansion, global e-commerce acceleration and growth
in specialized markets present endless opportunities ahead, and it
is a privilege to steer UPS to continued success.”
Commenting on Davis’ tenure and service to the company, Abney
said, “Scott Davis has served UPS for 30 years in numerous
capacities and has positively transformed the company and
positioned UPS for future success, while deepening our commitment
to our customers, our shareholders and our employees. We owe Scott
our gratitude and wish him the best in his retirement.”
Davis was elected chairman and chief executive officer in 2008
and retired as CEO on Sept. 1, 2014 as part of a previously
announced succession plan.
In other business, the UPS Board of Directors also today
declared a regular quarterly dividend of $0.78 per share on all
outstanding Class A and Class B shares. The dividend is
payable March 9, 2016, to shareowners of record on February 22,
2016.
UPS has a long history of its commitment to cash dividends. For
more than four decades it has either increased or maintained its
dividend. Since 2000, its dividend has more than quadrupled.
Editor’s Note: Biographies of William R. Johnson, David
Abney and Scott Davis are available at www.pressroom.ups.com under
the Leadership tab.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a
broad range of solutions including transporting packages and
freight; facilitating international trade, and deploying advanced
technology to more efficiently manage the world of business.
Headquartered in Atlanta, UPS serves more than 220 countries and
territories worldwide. The company can be found on the web at
ups.com® and its corporate blog can be found at longitudes.ups.com.
To get UPS news direct, visit pressroom.ups.com/RSS.
# # #
Except for historical information contained herein, the
statements made in this release constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements, including statements regarding the
intent, belief or current expectations of UPS and its management
regarding the company's strategic directions, prospects and future
results, involve certain risks and uncertainties. Certain
factors may cause actual results to differ materially from those
contained in the forward-looking statements, including economic and
other conditions in the markets in which we operate, our
competitive environment, increased security requirements, strikes,
work stoppages and slowdowns, changes in energy prices,
governmental regulations and other risks discussed in the company's
Form 10-K and other filings with the Securities and Exchange
Commission, which discussions are incorporated herein by
reference.
Glenn Zaccara, UPS
404-828-4663
gzaccara@ups.com
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