UPS chairman and CEO to retire

UPS Chairman and CEO James P. Kelly is retiring effective January 2002. The UPS Board has subsequently voted Michael L. Eskew, currently vice chairman, as chairman-elect. Eskew will assume the role of chairman and CEO in January 2002.

As vice chairman and executive vice president, Eskew is currently responsible for strategic planning, information services, corporate development, mergers and acquisitions and UPS Logistics Group.

Under his direction, UPS has been expanding its emphasis on developing new lines of business including the formation of new business units focused on freight forwarding and customs brokerage solutions, mail services and financial services, as well as the company’s significant expansion of its logistics offerings.

During current chairman and CEO Jim 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.