ATLANTA – United Parcel Service (NYSE: NYSE:UPS) has announced the departure of Executive Vice President and Chief Financial Officer Brian Newman, effective June 1. The global logistics company stated Monday that it is launching a search for Newman's replacement, considering both internal and external candidates.
Newman's tenure as CFO saw UPS through challenging economic times, and he is credited with helping position the company for ongoing growth as it pursues its "1+2 strategy," which focuses on customer service, people, and innovation. Despite his departure, UPS has reaffirmed its full-year financial guidance, as previously disclosed in the most recent earnings call.
Carol Tomé, CEO of UPS, expressed gratitude for Newman's contributions, stating, "Brian has been a great partner, having guided the company through unprecedented economic conditions." She also noted that he leaves the company well-equipped for future success.
For his part, Newman expressed pride in his work with UPS and confidence in the company's continued growth trajectory, while also indicating that his immediate priority will be to focus on his personal health.
UPS, with 2023 revenues of $91.0 billion, operates in over 200 countries and territories, offering a wide range of logistics solutions. The company, which employs approximately 500,000 people, emphasizes a commitment to customer service, workforce leadership, and innovation. Additionally, UPS focuses on environmental stewardship and community support while upholding values of diversity, equity, and inclusion.
This announcement is based on a press release statement from UPS.
InvestingPro Insights
As United Parcel Service (NYSE: UPS) navigates a transition in its executive team, the company's financial stability and growth prospects remain a focal point for investors. According to the latest data from InvestingPro, UPS boasts a market capitalization of $125.49 billion, reflecting its significant presence in the global logistics sector.
The company's commitment to innovation and customer service is underscored by its P/E ratio, which stands at an adjusted figure of 18.38 for the last twelve months as of Q1 2024, suggesting investors have confidence in its earnings potential.
InvestingPro Tips highlight UPS's consistent performance, including a track record of raising its dividend for 14 consecutive years and maintaining dividend payments for 26 consecutive years. This reliability is a testament to the company's financial discipline and operational efficiency, which may reassure investors during the CFO transition period. Furthermore, 13 analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on UPS's financial health.
For investors seeking a deeper dive into UPS's performance and potential, InvestingPro provides additional tips and insights. As of now, there are 7 more InvestingPro Tips available for UPS, which can be accessed through the platform, offering a comprehensive analysis of the company's financial metrics and industry standing. To take advantage of these insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
In conclusion, while the search for a new CFO is underway, UPS's robust financial indicators and favorable analyst revisions paint a picture of a company poised for continued success. With a strong emphasis on customer service and innovation, UPS remains a prominent player in the Air Freight & Logistics industry.
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