8-KLeadership ChangesRegulation FDExhibits & Filings

UNITED PARCEL SERVICE INC 8-K Report, Executive Changes (Apr 29, 2015)

Filed April 29, 2015For Securities:UPS

Summary

This 8-K filing from United Parcel Service, Inc. (UPS) on April 28, 2015, primarily announces a significant change in its senior financial leadership. Kurt P. Kuehn, the Senior Vice President and Chief Financial and Compliance Officer, is retiring effective July 1, 2015. He will remain with the company through September 30, 2015, to ensure a smooth transition. Concurrently, UPS has appointed Richard Peretz as the new Chief Financial Officer, also effective July 1, 2015. Mr. Peretz is a long-tenured UPS executive with extensive experience in various finance roles, including Corporate Controller and Treasurer, and international finance leadership. This leadership transition appears to be a planned succession, with Mr. Peretz well-positioned to step into the CFO role based on his comprehensive background within the company.

Key Highlights

  • 1Kurt P. Kuehn to retire as Senior Vice President and Chief Financial and Compliance Officer effective July 1, 2015.
  • 2Mr. Kuehn will provide transition support until September 30, 2015.
  • 3Richard Peretz appointed as the new Chief Financial Officer, effective July 1, 2015.
  • 4Mr. Peretz brings extensive experience, having been with UPS since 1981 in various finance leadership roles.
  • 5Mr. Peretz's prior roles include Vice President, Corporate Controller and Treasurer, Corporate Finance Vice President, and International Chief Financial Officer.
  • 6The appointment of Mr. Peretz is a result of internal succession planning, with no unusual compensation arrangements disclosed.
  • 7The filing includes a press release detailing these leadership changes.

Frequently Asked Questions

Kurt P. Kuehn, Senior Vice President and Chief Financial and Compliance Officer, notified UPS on April 27, 2015, of his intention to retire effective July 1, 2015. He will remain with the company through September 30, 2015, to assist with the transition.

Richard Peretz has been appointed as the new Chief Financial Officer, effective July 1, 2015. He currently serves as UPS’s Vice President, Corporate Controller and Treasurer.

Mr. Peretz, 53, has a long history with UPS, joining the company in 1981. He has held numerous finance leadership positions, including Vice President of Corporate Finance, Corporate Controller, and Corporate Treasurer. He also served as the International Chief Financial Officer. His experience spans financial reporting, tax, treasury, investments, and mergers and acquisitions.

The filing states that other than standard compensation arrangements, there are no special arrangements or understandings between Mr. Peretz and any other person related to his selection as CFO. He is also not involved in any transactions with UPS that would require disclosure under Regulation S-K.