8-KLeadership ChangesRegulation FDExhibits & Filings

UNITED PARCEL SERVICE INC 8-K Report, Executive Changes (Mar 1, 2022)

Filed March 1, 2022For Securities:UPS

Summary

United Parcel Service Inc. (UPS) announced the retirement of Executive Vice President, Chief Information and Engineering Officer, Juan R. Perez, effective March 31, 2022. This change necessitates an organizational realignment of the management team, details of which are provided in the accompanying press release. The company has entered into a separation agreement with Mr. Perez. Notably, the agreement facilitates the vesting of a portion of his unvested restricted stock units (RSUs) scheduled to vest in May 2022, while the remainder will be forfeited. Other outstanding equity awards are expected to receive retirement vesting treatment as per their original terms. Investors should monitor any further announcements regarding leadership transitions and their impact on strategic initiatives, particularly in technology and engineering.

Key Highlights

  • 1Retirement of EVP, Chief Information and Engineering Officer, Juan R. Perez, effective March 31, 2022.
  • 2Organizational realignment of the management team is underway due to Mr. Perez's departure.
  • 3A separation agreement has been executed with Mr. Perez.
  • 4A portion (8,265 RSUs) of Mr. Perez's unvested restricted stock units, originally scheduled for May 2022 vesting, will vest early under the separation agreement.
  • 5The remaining unvested RSUs from the May 2020 award will be forfeited by Mr. Perez.
  • 6Other outstanding equity compensation awards are eligible for retirement vesting per their original terms.
  • 7The announcement was made via press release on March 1, 2022, and filed as an exhibit to the 8-K.

Frequently Asked Questions

Juan R. Perez, the Executive Vice President and Chief Information and Engineering Officer, is retiring from UPS. His retirement is effective March 31, 2022.

Under the separation agreement, a portion of Mr. Perez's unvested restricted stock units (RSUs) that were set to vest in May 2022 will vest early. The remaining unvested RSUs from that specific award will be forfeited. Other equity awards will be treated according to their original terms for retirement vesting.

Yes, the company announced an organizational realignment of its remaining management team in connection with Mr. Perez's retirement. Specific details of this realignment are expected to be further elaborated in the press release accompanying this filing.

The separation agreement formalizes the terms of Mr. Perez's retirement, including provisions for the vesting of certain equity awards and customary protective covenants such as confidentiality, non-solicitation, non-competition, and non-disparagement clauses.