Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Partners
A Non-UPS Chairman ?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Black_6_Leader" data-source="post: 1104665" data-attributes="member: 9413"><p>Up to now, the by-laws of UPS have reserved the position of "Chairman of the Board" (of Directors) for the Chief Executive Officer of the company. In essence the Leader of the organization had to be a "UPS" employee.</p><p></p><p> Well I'm here to tell you that that has changed ~ Here is a little hidden gem in the SEC Form 8K filed after the last board of Directors meeting.</p><p>"On February 14, 2013, the Board of Directors (the “Board”), acting upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the “Committee”), approved the amendment and restatement of the Company’s Amended and Restated Bylaws (the “Bylaws”). The Bylaws were amended to increase the Board’s future flexibility when it periodically evaluates the Board’s leadership structure by: (1) deleting the presumption in Article V, Section 7 that the Chairman of the Board “shall be the chief executive officer of the Corporation;"</p><p><a href="http://www.sec.gov/Archives/edgar/data/1090727/000110465913011826/a13-5287_18k.htm" target="_blank">http://www.sec.gov/Archives/edgar/data/1090727/000110465913011826/a13-5287_18k.htm</a></p><p> </p><p>In other words, the board is no longer obligated to make the CEO the Chairman. The plate has been set for the outside Chairman (Its not as if D Scott Davis was not enough of an outsider)</p><p></p><p>This is the final shovel of dirt that buried the "Partnership".<img src="/community/styles/default/xenforo/smilies/FeltTip/angry.png" class="smilie" loading="lazy" alt=":angry:" title="Angry :angry:" data-shortname=":angry:" /></p></blockquote><p></p>
[QUOTE="Black_6_Leader, post: 1104665, member: 9413"] Up to now, the by-laws of UPS have reserved the position of "Chairman of the Board" (of Directors) for the Chief Executive Officer of the company. In essence the Leader of the organization had to be a "UPS" employee. Well I'm here to tell you that that has changed ~ Here is a little hidden gem in the SEC Form 8K filed after the last board of Directors meeting. "On February 14, 2013, the Board of Directors (the “Board”), acting upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the “Committee”), approved the amendment and restatement of the Company’s Amended and Restated Bylaws (the “Bylaws”). The Bylaws were amended to increase the Board’s future flexibility when it periodically evaluates the Board’s leadership structure by: (1) deleting the presumption in Article V, Section 7 that the Chairman of the Board “shall be the chief executive officer of the Corporation;" [URL]http://www.sec.gov/Archives/edgar/data/1090727/000110465913011826/a13-5287_18k.htm[/URL] In other words, the board is no longer obligated to make the CEO the Chairman. The plate has been set for the outside Chairman (Its not as if D Scott Davis was not enough of an outsider) This is the final shovel of dirt that buried the "Partnership".:angry: [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Partners
A Non-UPS Chairman ?
Top