UPS names company veteran as next CEO
June 06, 2014 12:00 PM | 829 views | 0 0 comments | 11 11 recommendations | email to a friend | print
In this March 19, 2012 file photo Scott Davis, CEO of UPS, elaborates on the planned merger between UPS and TNT Express during a press conference in Amsterdam. The UPS Board of Directors on Friday, June 6, 2014 announced that it has named CEO David Abney, as its new Chief Executive Officer and appointed him to the Board of Directors. Scott Davis, 62, who has served as the company's Chairman of the Board and CEO since 2008, will retire from UPS and will assume the role of non-executive Chairman. Both moves are effective September 1, 2014. (AP Photo/Peter Dejong, File)
In this March 19, 2012 file photo Scott Davis, CEO of UPS, elaborates on the planned merger between UPS and TNT Express during a press conference in Amsterdam. The UPS Board of Directors on Friday, June 6, 2014 announced that it has named CEO David Abney, as its new Chief Executive Officer and appointed him to the Board of Directors. Scott Davis, 62, who has served as the company's Chairman of the Board and CEO since 2008, will retire from UPS and will assume the role of non-executive Chairman. Both moves are effective September 1, 2014. (AP Photo/Peter Dejong, File)
slideshow
In a Monday, Oct. 27, 2008 file photo, UPS Chief Operating Officer David Abney stands in front of a prototype package truck as he speaks during a news conference in Atlanta. The UPS Board of Directors on Friday, June 6, 2014 announced that it has named Abney, as its new Chief Executive Officer and appointed him to the Board of Directors. Scott Davis, 62, who has served as the company's Chairman of the Board and CEO since 2008, will retire from UPS and will assume the role of non-executive Chairman. Both moves are effective September 1, 2014. (AP Photo/John Bazemore, File)
In a Monday, Oct. 27, 2008 file photo, UPS Chief Operating Officer David Abney stands in front of a prototype package truck as he speaks during a news conference in Atlanta. The UPS Board of Directors on Friday, June 6, 2014 announced that it has named Abney, as its new Chief Executive Officer and appointed him to the Board of Directors. Scott Davis, 62, who has served as the company's Chairman of the Board and CEO since 2008, will retire from UPS and will assume the role of non-executive Chairman. Both moves are effective September 1, 2014. (AP Photo/John Bazemore, File)
slideshow
ATLANTA (AP) — Package-delivery giant UPS has named a longtime company veteran as its next CEO.

The company said Friday that Chief Operating Officer David Abney will take the top job Sept. 1. Current Chairman and CEO Scott Davis will become nonexecutive chairman at that time.

Abney, 58, has worked for UPS for 40 years, starting as a package loader. Before becoming COO, he led the company's international operation, among many other jobs.

Davis, 62, has been chairman and CEO since 2008 and has been with the company since 1986. The company said that he oversaw significant expansion of its international capabilities.

"Scott Davis has skillfully guided UPS through one of the most turbulent global economic periods in history while executing growth strategies in emerging markets and specialized business segments," UPS board member Duane Ackerman said in a statement.

Like its rivals, the Atlanta company was hurt during the busy holiday shopping season. It wasn't prepared for a big increase in online shopping and a crush of last-minute orders by shoppers before Christmas. It hired more seasonal workers to keep up with deliveries, driving costs higher during the fourth quarter.

In the most recent quarter, UPS reported earnings and revenue that missed Wall Street expectations, hurt by winter storms that increased costs.

Shares of United Parcel Service Inc. rose 12 cents to $103.74 in morning trading Friday. Its shares have slipped just over 1 percent so far this year.



Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, and spam will also be rejected. Please read our terms of service for full guides