Business

UPS names company veteran as next CEO

Posted June 06, 2014 1:01 am

Associated Press

ATLANTA - 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.

Like its rivals, the Atlanta company was hurt during the busy holiday shipping 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, driving up costs 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.

Its shares finished at $103.62 in trading on Thursday. Its shares have slipped just over 1 percent so far this year.

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