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UPS CFO Brian Newman to step down on June 1, company says

Published 05/06/2024, 04:30 PM
Updated 05/06/2024, 04:36 PM
© Reuters. FILE PHOTO: United Parcel Service's (UPS) newly launched electric delivery truck is seen in Compton, California, U.S., September 13, 2023. REUTERS/Lisa Baertlein/File Photo
UPS
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(Reuters) - United Parcel Service (NYSE:UPS) said on Monday that its CFO and Executive Vice President Brian Newman would leave the company on June 1.

UPS will evaluate internal and external candidates to replace Newman, the firm said.

"My near-term priority is to focus on my health," Newman said in a statement.

The largest parcel delivery firm by market capitalization beat analysts' estimates for first-quarter profit in April as cost cuts offset still-soft demand for package delivery.

UPS also won a significant contract with the U.S. Postal Service, replacing rival FedEx (NYSE:FDX) as the agency's largest air cargo service provider, it announced in April.

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