Package-delivery giant struggles with weaker volumes as CFO exits
- UPS CFO Brian Newman to depart on June 1
- Newman cites focus on health as reason for departure
- UPS has struggled with weaker volumes in domestic and international businesses
- Newman expected to receive cash payment and other benefits upon exit
- UPS plans to evaluate internal and external candidates for successor
- UPS recently posted a drop in quarterly revenue
- UPS announced plans to cut around 12,000 jobs
- UPS replaces FedEx as primary partner for moving cargo for USPS
- New CFO likely to focus on negotiating details of USPS contract
- UPS unveils new strategic initiatives to automate and optimize its network
UPS Chief Financial Officer Brian Newman is set to depart the company on June 1, citing a focus on his health. The package-delivery giant has been facing challenges with weaker volumes in both its domestic and international businesses. Newman, who has been CFO since 2019, expressed confidence in the company’s continued success and growth trajectory. UPS plans to evaluate internal and external candidates for his successor. In connection with his departure, Newman is expected to receive a cash payment and other benefits. UPS recently reported a drop in quarterly revenue and announced plans to cut jobs. The company also replaced FedEx as the primary partner for moving cargo for the U.S. Postal Service. The new CFO is likely to focus on negotiating the details of the USPS contract. UPS has unveiled new strategic initiatives to automate and optimize its network.
Factuality Level: 8
Factuality Justification: The article provides a detailed account of Brian Newman’s departure from UPS, including the reasons for his departure, his background, the financial aspects of his exit, and the company’s future plans. The information is presented in a straightforward manner without sensationalism or bias. There are no significant inaccuracies or misleading information found in the article.
Noise Level: 3
Noise Justification: The article provides relevant information about the departure of UPS CFO Brian Newman and the company’s financial struggles. It includes details about Newman’s departure, his successor, UPS’s financial performance, strategic initiatives, and future forecasts. The article stays on topic and provides evidence to support its claims. However, it contains some repetitive information about Newman’s departure and his background at PepsiCo.
Financial Relevance: Yes
Financial Markets Impacted: United Parcel Service (UPS)
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the departure of UPS Chief Financial Officer Brian Newman due to health reasons and the company’s struggles with weaker volumes in its domestic and international businesses. While there is no mention of an extreme event, the news is relevant to financial markets as it provides information about a key executive change and the company’s financial performance.
Public Companies: United Parcel Service (UPS), PepsiCo (PEP)
Key People: Brian Newman (Chief Financial Officer), Carol Tomé (Chief Executive), Daniel Imbro (Managing Director at Stephens), Ben Glickman (Contributor)
Reported publicly:
www.wsj.com 
