Summary
This Form 8-K filing for United Parcel Service, Inc. (UPS) dated February 14, 2005, primarily details changes in non-management director compensation and board appointments/departures. Effective January 1, 2005, non-management directors will receive an increased annual retainer of $75,000, a $10,000 annual committee chair fee, and an annual restricted stock grant valued at $85,000. New directors joining the board will receive an initial restricted stock grant of $25,000. These changes signal an increased investment in attracting and retaining experienced leadership for the board. Additionally, the filing confirms the retirement of Senior Vice President, U.S. Operations and Director Calvin Darden, effective March 31, 2005. In a related move, John Beystehner, Chief Operating Officer and President of UPS Airlines, has been appointed to the Board of Directors and will serve on the Executive Committee, subject to shareholder election in May 2005. These board adjustments reflect ongoing succession planning and strategic leadership appointments within the company.
Key Highlights
- 1Non-management director annual retainer increased to $75,000, effective January 1, 2005.
- 2Annual committee chair fee for non-management directors set at $10,000.
- 3Non-management directors to receive an annual restricted stock grant valued at $85,000.
- 4New non-management directors will receive an initial restricted stock grant of $25,000 upon joining the Board.
- 5Senior Vice President, U.S. Operations and Director Calvin Darden's retirement confirmed for March 31, 2005.
- 6John Beystehner appointed to the Board of Directors and Executive Committee.
- 7John Beystehner's appointment is subject to shareholder election at the May 2005 annual meeting.