Summary
United Parcel Service, Inc. (UPS) announced a significant executive change with the impending retirement of its Chief Operating Officer, Jim Barber, effective January 2, 2020. Mr. Barber has entered into a Transition Agreement with the company, which includes customary clauses for non-competition, non-solicitation, and non-disparagement. This agreement also stipulates a $1 million lump sum severance payment to Mr. Barber in connection with his retirement and continued assistance during the transition period.
Key Highlights
- 1Jim Barber, Chief Operating Officer, announced retirement effective January 2, 2020.
- 2A Transition Agreement has been executed with Jim Barber to facilitate a smooth handover.
- 3The Transition Agreement includes standard non-competition, non-solicitation, and non-disparagement clauses.
- 4Jim Barber will receive a $1 million lump sum severance payment.
- 5The company has attached the Transition Agreement (Exhibit 10.1) and a press release (Exhibit 99.1) to the filing.
Frequently Asked Questions
The main event is the announcement of the retirement of Jim Barber, UPS's Chief Operating Officer, effective January 2, 2020, and the terms of his transition agreement.
The primary financial implication disclosed is a $1 million lump sum severance payment to Jim Barber as part of his Transition Agreement.
While he is retiring from all positions effective January 2, 2020, the Transition Agreement includes provisions for him to assist with transition matters up to his retirement date.
Yes, the Transition Agreement includes customary non-competition, non-solicitation, and non-disparagement covenants that Mr. Barber has agreed to.