whalesurfer

Dan Ronan | Associate News Editor
March 11, 2020 8:45 AM, EDT

UPS Names New CEO; Tomé to Replace Abney

Abney by Christpher Goodney/Bloomberg News

UPS Inc. announced that former Home Depot Chief Financial Officer Carol Tomé will replace David Abney as CEO of the company, effective June 1.

Tomé becomes the 12th CEO in the company’s 113-year history. She has been a member of the UPS Board of Directors since 2003 and serves as Chairperson of the Audit Committee.

Abney will transition to Executive Chairman of the Board, and will retire from the UPS Board on Sept. 30, according to a March 12 announcement from the company. Abney will remain as a special consultant through the end of 2020 and then retire after 46 years of UPS service.

Also on Sept. 30, William Johnson, UPS lead independent director, will assume the role of non-executive chairman.



Tome

“After a rigorous selection process involving both internal and external candidates, Carol was the clear choice,” said Johnson, who is the chair of the UPS Nominating and Corporate Governance Committee.

“Carol is one of the most respected and talented leaders in corporate America and has a proven track record of driving growth at a global organization, maximizing shareholder value, developing talent and successfully executing against strategic priorities,” he added.

“I look forward to working with and further developing the talented management team and the company’s 495,000 employees to deliver for our customers and shareowners,” Tomé said.

UPS ranks No. 1 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.


https://www.ttnews.com/articles/ups-...-replace-abney

whalesurfer

Home Depot CFO to Retire After 18-Year Tenure

Carol Tomé served as CFO of one of the world’s biggest home-improvement chains since May 2001

Home Depot Inc. said finance chief Carol Tomé will retire later this year and named an internal successor to the CFO post.PHOTO: THE HOME DEPOT

By
Tatyana Shumsky

April 30, 2019 6:47 pm ETHome Depot Inc. said long-serving finance chief Carol Tomé will retire later this year and named an internal successor to the CFO post.

Ms. Tomé plans to retire on Aug. 31, having served as CFO of one of the world’s biggest home-improvement chains since May 2001. She joined the company in 1995 and has directly reported to all five of Home Depot’s chief executives during her tenure.

Richard McPhail, currently senior vice president of finance control and administration, will be promoted to executive vice president and CFO following Ms. Tome’s retirement. Mr. McPhail joined the Atlanta-based retailer in 2005 and has been responsible for the company’s financial plans, as well as managing its profit and loss on a daily basis, a spokesman said.

"Developing top talent and ensuring seamless succession planning is a hallmark of our company,” said Home Depot Chief Executive and President Craig Menear.

Ms. Tomé is leaving Home Depot having helped the company increase shareholder value by more than 450% during her tenure, Mr. Menear said.

Ms. Tomé was instrumental in guiding the company’s turnaround strategy during the recession. Home Depot has reported higher annual sales and profit in each of the past eight years, according to data from S&P Global Market Intelligence.

Home Depot shares slipped 0.8% in after-hours trading on Tuesday. The stock closed the day up 0.8% at $203.70 a share.
Home Depot reported fourth-quarter net income of $2.34 billion, up 32% from a year earlier. Net sales were $26.49 billion, up 11% from a year ago. But the company disappointed analysts and investors with weaker-than-expected gains in comparable sales, which rose 3.2% for the quarter ended in February, missing forecasts of a 4.5% increase.

Ms. Tomé’s planned departure from Home Depot will also end one of the longest-running CFO tenures. The average term of a finance chief at a Fortune 500 or S&P 500 company was 5.1 years, according to the 2018 Crist|Kolder Volatility Report.
Still, Ms. Tomé’s 18-year stint as CFO falls well short of Jeff Julien’s 32-year tenure as finance chief ofRaymond James Financial Inc., which concluded with his retirement last month.

Write to Tatyana Shumsky at [email protected]

https://www.wsj.com/articles/home-de...re-11556664454

tnkrdrvr

Here is to hoping she presided over a period of growth and profitability.

767pilot

Is she hot?

tnkrdrvr

finally found the right thread?

whalesurfer

Hmm, this is a public forum, not B&G. I think your joke will be lost on some..

whalesurfer

Amen to that.

The fact she was a CFO for so many years makes me think of Scott Davis. :-|
He had CFO background at II Morrow technologies which UPS acquired in ‘86. Davis pretty much crippled the company with his micro-management style and the bean-counter focused approach.

So let’s hope we’ll see more of Abney and less of Davis in the new CEO.

Tango Uniform

i agree with you on the possibility of being a Davis. If you look at Home Depot stores around the county, there isn’t much investment in infrastructure. They look dated. The employees look un-motivated. The stores look a mess. This is the typical bean counter approach to business. Keep squeezing every last penny. HD is non union. It will be interesting to see her approach towards that. The worst decision this company ever made was going public. I noticed in one of the articles they referred to “stake holders”. They use to be partners. The company culture has gone by the wayside. Mid level management jumping ship to Amazon. Talent pool drying up. It’s going to be interesting to see what the future holds. The new HD Orange pilot uniforms will look great.