UPS Chairman/CEO James Kelly to Retire
The announcement came at the company's board of directors meeting.
The UPS board chose vice chairman Michael L. Eskew as chairman-elect. He will assume the role of chairman/CEO in January.
During Kelly's tenure as chairman, UPS expanded aggressively beyond its core package-delivery business to become a global supply-chain management concern with increasing capabilities in logistics, information technology and financial services.
UPS also recorded strong financial performance during the period. Revenue climbed from $22.4 billion in 1996, the year before Kelly became chairman, to $29.8 billion in 2000.
Net income rose from $1.15 billion in 1996 to $2.93 billion in 2000.