8-KLeadership ChangesRegulation FDExhibits & Filings

UNITED PARCEL SERVICE INC 8-K Report, Executive Changes (Jul 9, 2024)

Filed July 9, 2024For Securities:UPS

Summary

United Parcel Service Inc. (UPS) has announced a significant leadership change in its finance department, appointing Brian M. Dykes as the new Executive Vice President and Chief Financial Officer, effective immediately. Mr. Dykes brings extensive experience to the role, having served with UPS for over 25 years in various finance and accounting capacities, most recently as Senior Vice President, Global Finance and Planning. This appointment suggests a focus on internal talent development and a continuation of established financial strategies within the company. In conjunction with his promotion, Mr. Dykes will receive a compensation package that includes a base salary of $725,000, a target annual incentive award of 115% of base salary, and a substantial Long-Term Incentive Performance (LTIP) award targeting 450% of his base salary, along with stock options. A notable adjustment to his previously awarded 2024 LTIP is an approximate $1.5 million increase, contingent on company performance over the 2024-2026 period. Investors should monitor how Mr. Dykes's leadership influences UPS's financial reporting and strategic initiatives.

Key Highlights

  • 1Brian M. Dykes appointed Executive Vice President and Chief Financial Officer, effective immediately.
  • 2Mr. Dykes has over 25 years of experience within UPS, most recently as Senior Vice President, Global Finance and Planning.
  • 3Annual base salary for Mr. Dykes set at $725,000.
  • 4Target annual incentive award is 115% of base salary.
  • 5Target Long-Term Incentive Performance (LTIP) award is 450% of base salary.
  • 6Mr. Dykes will receive a stock option grant equal to 50% of his base salary.
  • 7Previously granted 2024 LTIP award will be adjusted with an approximate $1.5 million increase, subject to performance.

Frequently Asked Questions

Brian M. Dykes has been appointed as the new Executive Vice President and Chief Financial Officer of UPS, effective immediately.

Mr. Dykes has a long tenure with UPS, spanning over 25 years. He has held various roles in finance and accounting, treasury, M&A, and business development, most recently serving as Senior Vice President, Global Finance and Planning.

The new CFO, Brian M. Dykes, has an annual base salary of $725,000. He is also eligible for a Management Incentive Program award with a target of 115% of his base salary and a Long-Term Incentive Performance (LTIP) program award with a target of 450% of his base salary. Additionally, he will receive a stock option grant equal to 50% of his base salary.

Yes, Mr. Dykes's previously granted 2024 LTIP award will be adjusted. The target award value will be increased by approximately $1.5 million, with the final award determined by company performance for the 2024 through 2026 LTIP performance period.