The Atlanta Journal-Constitution
UPS CFO decides to step down June 1 for health reasons
Shipping giant to launch search for his successor.
Sandy Springs-based UPS announced its chief financial officer, Brian Newman, is leaving the company to focus on his health.
The shipping giant said in its announcement Monday afternoon Newman will depart June 1 and it plans to “evaluate internal and external CFO candidates to identify Newman’s successor.”
UPS CEO Carol Tomé said in a written statement: “Brian has been a great partner, having guided the company through unprecedented economic conditions. He is leaving us well-positioned for future growth as we execute our 1+2 strategy and continue to deliver on our purpose.”
The 1+2 strategy is a threeyear road map to focus on profit growth this year, then the following two years to focus on margin expansion.
Newman joined UPS in 2019 from PepsiCo, where he was executive vice president of finance and operations for the company’s Latin America region.
“I am confident in the company’s continued success and growth trajectory. My near-term priority is to focus on my health,” Newman, 55, said in a written statement.
The company said it is not disclosing details regarding his health out of respect for his privacy.
UPS also on Monday reaffirmed its financial guidance for 2024. Last month, UPS reported its revenue and profit continued to decline in the first quarter, but it forecast a recovery to growth in the future.
The declines in revenue and profit in recent quarters prompted UPS earlier this year to announce it would cut its management head count by 12,000 employees. The company aims to bring in $92 billion to $94.5 billion in revenue for this year.