8-KLeadership Changes

UNITED PARCEL SERVICE INC 8-K Report, Executive Changes (Aug 9, 2010)

Filed August 9, 2010For Securities:UPS

Summary

This Form 8-K filing by United Parcel Service, Inc. (UPS) reports a change in its Board of Directors. Specifically, on August 5, 2010, the Board elected Clark T. "Sandy" Randt, Jr. as an independent director. Mr. Randt brings extensive experience in Asia, having served as the U.S. Ambassador to the People's Republic of China and currently leading his own advisory firm focused on China. Mr. Randt's appointment is significant as it adds a director with substantial international expertise, particularly in a key market for a global logistics company like UPS. He has also been appointed to the Nominating and Corporate Governance Committee. His compensation will align with that of other non-employee directors, and there are no undisclosed arrangements or transactions that would require further disclosure.

Key Highlights

  • 1UPS elected Clark T. "Sandy" Randt, Jr. as an independent director to its Board of Directors, effective August 5, 2010.
  • 2Mr. Randt possesses over 30 years of experience in Asia, including a seven-year tenure as U.S. Ambassador to the People's Republic of China.
  • 3He currently serves as president of Randt & Co. LLC, advising firms with interests in China.
  • 4Mr. Randt has been appointed to the Nominating and Corporate Governance Committee of the Board.
  • 5His director compensation will be consistent with other non-employee directors.
  • 6No special arrangements or understandings led to his appointment, and he is not involved in any disclosable transactions with UPS.

Frequently Asked Questions

The main event reported is the election of a new independent director, Clark T. "Sandy" Randt, Jr., to the United Parcel Service, Inc. (UPS) Board of Directors.

Mr. Randt is a diplomat, attorney, and businessman with extensive experience in Asia. He previously served as the U.S. Ambassador to the People's Republic of China for over seven years and currently heads an advisory firm focused on China. He also has experience with a major international law firm and serves on another public company's board.

Mr. Randt has been appointed to serve on the Nominating and Corporate Governance Committee of the Board.

Mr. Randt's compensation will be consistent with the standard arrangements for other non-employee directors of UPS, as detailed in the company's prior proxy statement.