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UPS Appoints Former Home Depot CFO as New CEO

By Howard Smith - Mar 12, 2020 at 10:24AM

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Carol Tomé was CFO of Home Depot for 18 years.

United Parcel Service Inc. (UPS 0.78%) has announced the appointment of Carol Tomé as new CEO, effective June 1, 2020. She will replace David Abney at that time, who will remain as Executive Chairman of the Board until he retires from the UPS Board on September 30, ending a 46 year career with the delivery company. 

Mr. Abney will remain as a special consultant through the remainder of 2020 to help ensure a smooth transition through the peak season of the business. Lead independent director, William Johnson, will take over from Abney as the Non-Executive Chairman.

package delivery man

Image source: Getty Images.

A career that's been great for investors

Carol Tomé will become the 12th CEO in the more than 100 year history of UPS. She has been a member of the UPS Board since 2003, and is Chairperson of the Audit Committee.

Under her leadership as CFO at Home Depot (HD 0.15%), investors in the home improvement retailer saw a 450 percent increase in value. She was also executive vice president of corporate services at Home Depot, and was responsible for corporate strategy, finance and business development. 

Ms. Tomé has been described as an exceptional, respected and talented leader in Corporate America, and will lead UPS at a time of transformation for global shipping companies. The rise in e-commerce and the company's relationship with and reliance on Amazon (AMZN -2.49%), will frame a challenging second career for Ms. Tomé.

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Stocks Mentioned

United Parcel Service, Inc. Stock Quote
United Parcel Service, Inc.
$182.54 (0.78%) $1.41
The Home Depot, Inc. Stock Quote
The Home Depot, Inc.
$274.27 (0.15%) $0.40, Inc. Stock Quote, Inc.
$106.21 (-2.49%) $-2.71

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

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