UPS Names Company Veteran as Next CEO - ABC News

ATLANTA — Package-delivery giant UPS has named a longtime company veteran as its next CEO.

The company said Friday that Chief Operating Officer David Abney will take the top job Sept. 1. Current Chairman and CEO Scott Davis will become nonexecutive chairman at that time.

Abney, 58, has worked for UPS for 40 years, starting as a package loader. Before becoming COO, he led the company's international operation, among many other jobs.

Davis, 62, has been chairman and CEO since 2008 and has been with the company since 1986. The company said that he oversaw significant expansion of its international capabilities.

"Scott Davis has skillfully guided UPS through one of the most turbulent global economic periods in history while executing growth strategies in emerging markets and specialized business segments," UPS board member Duane Ackerman said in a statement.

Like its rivals, the Atlanta company was hurt during the busy holiday shopping season. It wasn't prepared for a big increase in online shopping and a crush of last-minute orders by shoppers before Christmas. It hired more seasonal workers to keep up with deliveries, driving costs higher during the fourth quarter.

In the most recent quarter, UPS reported earnings and revenue that missed Wall Street expectations, hurt by winter storms that increased costs.

Shares of United Parcel Service Inc. rose 12 cents to $103.74 in morning trading Friday. Its shares have slipped just over 1 percent so far this year.

 

Oh ya a a a now that's glimmer of hope there

 

This is what happens when a CFO gets the Top Job. Cut to the Bone, screw up Peak, screw up takeovers and buyouts, etc.

Kuehn had the inside track until this last Peak debacle and the Board of Directors decided no more CFO's in the CEO chair.

This is why Abney got the Job over Kuehn.

 

Yeah, but having worked 40 years with the company, I'm sure he's going to institute a more employee-friendly atmosphere. So at least you have that going for you.