8-KLeadership ChangesRegulation FDExhibits & Filings

UNITED PARCEL SERVICE INC 8-K Report, Executive Changes (Jun 6, 2014)

Filed June 6, 2014For Securities:UPS

Summary

This 8-K filing from United Parcel Service, Inc. (UPS) announces a significant leadership transition. D. Scott Davis, the current Chief Executive Officer, will retire from that role effective September 1, 2014, after a distinguished career. Importantly, Mr. Davis will remain on the Board of Directors and continue as its Chairman, ensuring a degree of continuity and experienced oversight during the transition period. Concurrently, UPS has appointed David P. Abney as the new Chief Executive Officer, also effective September 1, 2014. Mr. Abney, who has an extensive 40-year history with UPS, including his current role as Senior Vice President and Chief Operating Officer, brings deep operational knowledge and global experience to the CEO position. His promotion signifies an internal succession plan, with no immediate material changes to his compensation arrangements reported.

Key Highlights

  • 1D. Scott Davis to retire as CEO effective September 1, 2014.
  • 2D. Scott Davis will remain Chairman of the Board and continue as a director.
  • 3David P. Abney appointed as the new CEO, effective September 1, 2014.
  • 4David P. Abney also elected to the Board of Directors.
  • 5Mr. Abney has 40 years of experience with UPS, currently serving as COO.
  • 6No material changes to Mr. Abney's compensation arrangements are disclosed.
  • 7The announcement is accompanied by a press release filed as an exhibit.

Frequently Asked Questions

This 8-K filing is primarily to announce a CEO transition. D. Scott Davis is retiring as CEO, and David P. Abney is being appointed as the new CEO.

No, D. Scott Davis will retire as CEO but will continue to serve as Chairman of the Board of Directors and remain a member of the board.

David P. Abney has a long and extensive career with UPS spanning 40 years, starting as a package loader. He has held various operational roles, including Senior Vice President and Chief Operating Officer, and has experience in international operations and leading UPS Airlines.

The filing states that there have been no material changes to the compensation arrangements for Mr. Abney, other than standard compensation arrangements. He is not involved in any transactions with UPS requiring disclosure under Item 404(a) of Regulation S-K.