UPS announced it has hired PepsiCo executive Brian Newman as chief financial officer.
The Sandy Springs-based shipping giant said current CFO Richard Peretz, 57, plans to retire.
Newman, 50, is currently executive vice president of finance and operations for PepsiCo’s Latin America region. He will step into the CFO job at UPS on Sept. 16, 2019.
Peretz, who has worked for UPS for 38 years and has been CFO since 2015, will remain with the company through December 2019 to ensure a smooth transition, according to the company.
UPS CEO David Abney, 63, said in a written statement that Peretz "helped the company achieve strong financial and operational performance" and positioned the company well for the future.
UPS has a lengthy history of promoting from within, with many executives starting out their careers at UPS as drivers or package loaders and working their way up. Abney started out at the company as a part-time package loader.
However, the company also occasionally looks outside for executives. Former CEO Scott Davis did not spend his entire career with UPS, and instead joined the company through an acquisition.
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