UPS announces CFO Newman to leave company, effective June 1

Earlier today, Atlanta-based global freight transportation and logistics services provider UPS said that effective June 1, Executive Vice President and Chief Financial Officer Brian Newman will leave the company.

UPS officials said that the company will evaluate internal and external CFO candidates to replace Newman as his successor.

“On behalf of the company and the entire Board of Directors, I thank Brian for his significant contributions to UPS,” said Carol Tomé, UPS chief executive officer, in a 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. We affirm our full year guidance as previously shared in the last earnings call.”

And Newman commented in the same statement that he is honored to have served as CFO of such a storied company with so many great leaders around the world.

“I am confident in the company’s continued success and growth trajectory,” said Newman. “My near-term priority is to focus on my health.”

In his bio on the UPS web site, UPS said Newman’s key roles in his position at UPS include responsibility for the company’s strategic financial leadership, as well as the communication of the firm’s strategy and performance to investors and managing the capital structure to maximize shareholder return. He also oversees UPS’s financial processes and controls and has responsibility for Global Procurement, Real Estate and Global Business Services (GBS). The bio added that Newman is also responsible for the company’s Capital Market activity, including Treasury, M&A and Pension, and he is a member of the UPS Executive Leadership Team, reporting to the company’s CEO.

In its first quarter earnings release last month, UPS reported that quarterly consolidated revenue, at $21.7 billion, fell 5.3% annually, and adjusted earnings per share, at $1.43, saw a 35.0% annual decline. Consolidated quarterly operating profit came in at $1.6 billion, which was off 36.5% annually.

Newman said on the call that that the macroeconomic environment in the first quarter showed improvement in some areas, adding that continued soft demand pressured all three parts of its business.

“Through the quarter, we adjusted our integrated network to match volume levels and drove out expense while maintaining industry leading service levels,” said Newman. “Our overall quarterly performance was in line with our expectations. All three of our segments demonstrated cost agility and on a combined basis drove down expense by $414 million in the first quarter. This enabled us to deliver $1.7 billion in consolidated operating profit and consolidated operating margin was 8%