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U.S. markets recover from steep losses
ATLANTA, Oct. 15 (UPI) -- United Parcel Service Inc. Chairman and Chief Executive Officer Mike Eskew will step down after five years, the U.S. package-delivery company said Monday.
Eskew, 57, is set to be succeeded Jan. 1 by Vice Chairman and Chief Financial Officer Scott Davis.
Davis, 55, joined the company in 1986, left to become chief executive officer of Hamilton, Bermuda, reinsurance company Overseas Partners Ltd. in 1998 and rejoined UPS as vice president of finance in 2001.
Eskew, who joined UPS in 1972, oversaw UPS through a global expansion that saw international package revenues double to more than $9 billion a year, overall revenue grow nearly 57 percent to $47.5 billion and net income rise more than 75 percent, the company said.
UPS's stock also gained about 35 percent in the Eskew's five-year tenure.
"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," board nominating committee Chairman Victor Pelson said.
Global sales and marketing Senior Vice President Kurt Kuehn, 53, will succeed Davis as financial chief, UPS said.
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