The CFO of UPS, Brian Newman, will step down on June 1 for health reasons, the company announced Monday.
“I am confident in the company’s continued success and growth trajectory,” Newman said in a statement. “My near-term priority is to focus on my health.”
UPS will consider internal and external candidates to fill the position, according to the company announcement.
In his separation agreement with the company, Newman will receive $1.83 million in cash, among other payments and benefits, according to a filing with the Securities and Exchange Commission.
CEO Carol Tomé said in a statement that Newman “has been a great partner, having guided the company through unprecedented economic conditions.” She added that “he is leaving us well-positioned for future growth.”
Newman’s departure comes as the package-delivery service tries to turn around its financial performance amid low volumes.
In its most recent quarterly earnings report, UPS reported that the decline in customer demand had nearly leveled off. Average daily volume (ADV) declined 3.2% in the US and 5.8% internationally. But that decline slowed throughout the quarter, to the point where March demand was down by less than 1%, Tomé said in the company’s Q1 earnings call. She said ADV “showed marked improvement” from Q4.
This report was initially published by CFO Brew