Mike Eskew Announces Retirement

Discussion in 'UPS Discussions' started by gata, Oct 15, 2007.

  1. gata

    gata New Member

    Headline on UPSers.com
  2. moreluck

    moreluck golden ticket member

    Press ReleaseSource: UPS

    UPS Chairman & CEO Mike Eskew to Retire; Scott Davis Named as Successor
    Monday October 15, 2:41 pm ET Other Senior Management Moves Also Announced
    ATLANTA--(BUSINESS WIRE)--The UPS (NYSE:UPS - News) Board of Directors today announced that Chairman and CEO Mike Eskew will step down at the end of the year and will be replaced by Scott Davis, who is currently the company's vice chairman and chief financial officer.
    Davis, 55, joined UPS in 1986 when it acquired the technology company II Morrow, where he was CEO. Davis served in positions of increasing responsibility in finance and accounting before assuming the role of CFO and joining the UPS Management Committee in 2001. He was named vice chairman in 2006 and was elected to the UPS Board of Directors that same year.
    "Over the past several years, Scott has worked closely with Mike Eskew as an architect of the UPS strategy, helping the company expand through acquisitions and investments in new products and technology," said Victor Pelson, a member of the UPS Board of Directors and chairman of its Nominating and Corporate Governance committees. "He also has an intense focus on execution and growth and has helped position the company to continue delivering on its remarkable record of success."
    A native of Oregon, Davis also serves as deputy chairman of the board of the Federal Reserve Bank of Atlanta and sits on the board of Honeywell International, Inc. He is chairman of the Georgia Council on Economic Education.
    Under Mike Eskew's leadership, UPS has flourished. Eskew assumed the role of chairman and CEO on Jan. 1, 2002, and under his direction UPS has expanded its capabilities into new lines of business that complement the company's global package delivery operations.
    Known as an innovator and strategist, Eskew has overseen the design of increasingly sophisticated solutions for UPS customers by synchronizing the movement of goods, information and funds. These expanded capabilities include multi-modal transportation services, sophisticated technologies, international trade management, supply chain consulting and financial services.
    UPS also has seen unprecedented growth since Eskew assumed the helm. From 2002 through 2006, UPS revenues grew by nearly 57 percent to $47.5 billion and net income rose by more than 75 percent. More impressively, UPS saw its international package revenues more than double to $9 billion and its supply chain and freight revenues nearly quadruple to $8 billion at the end of 2006.
    "Mike Eskew has helped transform one of America's most admired companies into a global logistics organization that helps thousands of businesses and individuals succeed every day," said Pelson. "And yet, I know that Mike would prefer to be remembered as a shepherd of the strong and unique UPS culture and for creating a positive environment in which 427,000 UPSers can thrive."
    The company also announced several other changes in senior leadership. Replacing Davis as the company's CFO will be Kurt Kuehn, who is currently senior vice president of global sales and marketing and a member of the UPS Management Committee. Replacing Kuehn will be Alan Gershenhorn, who is currently president of UPS International and also serves on the UPS Management Committee. Dan Brutto, who is currently the president of global freight forwarding for UPS, is being promoted to the position of president of UPS International and will also join the company's Management Committee.
    Kuehn, 52, is a 30-year company veteran. He has held a wide variety of positions in operations, engineering, finance and marketing. Kuehn has led the strategic cost department, responsible for profit and loss measurement, customer pricing systems and cost analysis. He later held the position of vice president of business information analysis, where he oversaw market research, competitive analysis and data mining.
    Prior to his current position, Kuehn served as UPS's first vice president of Investor Relations after playing an instrumental role in the company's initial public offering of stock in 1999.
    Gershenhorn, 49, began his UPS career in 1979. He has held various U.S. and international positions of increasing responsibility in operations, engineering, freight forwarding, logistics, brokerage, marketing, strategy and retail services.
    As a member of the company's International Marketing department in 1993, he helped launch new international services during a period of rapid global growth for UPS. Subsequent assignments took him to Europe and then to Canada, where as the country's vice president of marketing and later as operations district manager he helped restructure UPS Canada's operations and services, resulting in significant increases in revenues and profit.
    Gershenhorn also has served in several other significant leadership positions within the company, including president of UPS Canada, president of UPS Supply Chain Solutions (SCS) Global Transportation and Shared Services and president of UPS SCS operations in Europe, Asia, the Middle East and Africa.
    Brutto, 51, joined UPS in 1975 and is currently responsible for the company's global brokerage services and network management, helping to coordinate UPS's extensive air, ocean and ground freight operations.
    During the past 32 years, Brutto has held several senior management positions in operations, finance, marketing and business development for both small package and supply chain services. Earlier in his career he played a key role on the company's Acquisitions and Financial Integration team, where he was responsible for establishing UPS operations in 35 countries across Europe and Asia including the United Kingdom, Spain, Italy, France, Germany, Hong Kong, Singapore, Thailand and Malaysia.
    UPS, which celebrates its 100th anniversary in 2007, is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at UPS.com.
  3. happyboy

    happyboy Member

    Meet the new Boss same as the old Boss.... I wonder what if anything will change
  4. sendagain

    sendagain Member

    So far, the announcement has had no effect on the stock price.
  5. Dutch Dawg

    Dutch Dawg Active Member

    Will this be the first CEO to have not come up through the system?

    I guess I'm asking hasn't every CEO to this point been able to cite starting at a grunt labor position with UPS?
  6. I guess he his hanging around for his MIP ?..... several million bucks worth no doubt, while the rest of languish with 1.4 mip factor or something similar.....why does he not go now ?....coz he will loose his MIP...
  7. Channahon

    Channahon New Member

    I believe you are right as far as I can remember and that was starting with Jack Rogers. I'm not a Scott Davis fan, nor is Wall Street. Will be interesting to see how and if the company changes.
  8. Channahon

    Channahon New Member


    I guess he his hanging around for his MIP ?..... several million bucks worth no doubt, while the rest of languish with 1.4 mip factor or something similar.....why does he not go now ?....coz he will loose his MIP...

    When he leaves on Jan 2, he'll get 7 weeks vacation and his last stock option. Would you leave any sooner and give up what you've earned during the past year??

    Although not the most popular CEO, he still did right by the company with all the STIFF competition wanting all our business.
  9. nhguy

    nhguy New Member

    Im with you. I'm glad to see Eskew go but the replacement is not a good choice. This guy has no clue how to deal with Wall Street. My guess is that our stock will suffer more with this guy at the helm....:w00t:

    Remember the big fish always eats the little ones
  10. agitator

    agitator Member

    New suit... same greedy corporate mentality! Wish he would stick around to watch this contract go down on his watch!
  11. hangin455

    hangin455 Member

    Sorry -Mike has made some bad decisions starting with PAS. A dollars and cents guy might actually want to see the payback before moving forward with any other turkeys.
  12. membersonly97

    membersonly97 New Member

    I THOUGHT jimmy hoffa JR AND hall would start running the company, after all, they sold the members out and are in the beginings of a"COMPANY-UNION"
  13. scratch

    scratch Least Best Moderator Staff Member

    Eskew started his career in Industrial Engineering, so he didn't start at the bottom. I don't know if he was the first one not to work his way all the way through the system.
  14. Captain America

    Captain America SuperDAD to the rescue

    LOL stole the words out of my mouth.:lol: or THE WHO's :thumbup1::lol: "and we won't get fooled again no no won't get fooled.."
  15. browned_out

    browned_out Member

    :sad: I don't think we will ever see a person running the company who started at the bottom. I just hope that someday we go private again.
  16. The Brown Santa

    The Brown Santa Ping Pong Ball


    Is Scott Davis the brains behind those whiteboard commercials???? :confused:1:tongue_sm
  17. happyboy

    happyboy Member

    LOL Santa, I'd like to see a Whiteboard spoof on youtube, I thought about making one but i don't have a camera or a whiteboard
  18. DiadDude

    DiadDude Active Member

    UPS is already penny-wise and pound foolish, now we have the chief penny pincher running the show.
  19. nhguy

    nhguy New Member

    Davis is not a UPSER, he came from the technology company Tomorrow but that doesn't matter anymore since their no longer is a partnership culture and the old UPS fell by the wayside the day we went public.

    My concern is that he was the CFO when one January we announced to Wall Street that we would be guiding downward. The language in his comments lost the company over $13 billion in market value. Our stock has virtually never recovered from his comments!!!!!!!!!!!


    Remember the big fish always eats the little ones
  20. membersonly97

    membersonly97 New Member

    How many shares do Hoffa & hall own of ups stock? What is their financial benefit from this cotract?