UPS Chief Financial Officer Brian Newman to Step Down in June

UPS announced this week that its Chief Financial Officer and executive vice president Brian Newman will step down from his role at the company on June 1st, 2024. Newman spent five years in the role and is reportedly stepping down to focus on his health.

 UPS is Beginning its Search for a New Chief Financial Officer Internally & Externally

According to a press release announcing Newman’s departure, UPS “is initiating” its search for its new Chief Financial Officer. Per the announcement, the company is looking to fill the CFO position through either an internal or external candidate.

Both UPS CEO Carol Tomé and Newman issued statements in the company’s press release. In addition to thanking Newman on behalf of the company and its board of directors, Tomé said he was a “great partner, having guided the company through unprecedented economic conditions.” Tomé added that Newman “is leaving us well-positioned for future growth.”

In his statement, Newman said the following:

“I am 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. My near-term priority is to focus on my health.”

A Quick Background on Newman’s Career Before Joining UPS

Newman, 55, assumed the CFO role at UPS in 2019. Before joining the company, he served as executive vice president of finance and operations for PepsiCo, focusing on the Latin American market. All in all, he spent 26 years at PepsiCo.

Newman’s Exit Comes on the Heels of a New Contract to Provide Air Cargo Transport to USPS

Newman’s departure comes slightly over one month after UPS announced that it would become the U.S. Postal Service’s primary air cargo provider. On April 1st, FedEx announced it would end its partnership with USPS to provide domestic cargo transport. The same day, USPS issued a statement announcing that it had awarded the contract to UPS.

FedEx’s agreement to provide air cargo transport to the Postal Service lasted over 20 years.