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;" http://www.sec.gov/Archives/edgar/data/1090727/000110465913011826/a13-5287_18k.htm 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".