AI English summary of an SEC filing — figures as filed

UPS said Brian O. Newman, its Executive Vice President and Chief Financial Officer, will leave the company on June 1, 2024. The company said it will evaluate internal and external CFO candidates to choose his successor. The announcement was made on May 6, 2024.

8-KDeparture or Appointment of Directors or Certain OfficersFiled May 6, 2024Period of report May 2, 2024Summary published (UTC) Oct 30, 2026

Key points

AI summary

UPS said Brian O. Newman, its Executive Vice President and Chief Financial Officer, will leave the company on June 1, 2024. The company said it will evaluate internal and external CFO candidates to choose his successor. The announcement was made on May 6, 2024.
Under the previously approved UPS Key Employee Severance Plan terms, the company said it will pay Newman a cash payment of $1,830,471. It said the payment equals 1 times his annual base salary, 1 times his target MIP award for 2024, and the cost difference for 18 months of COBRA coverage. The payment is subject to his timely signing and not revoking a supplemental release of claims. It also includes career counseling services valued at up to $20,000.
The company said Newman's 35,166 restricted performance units granted under its 2022, 2023 and 2024 Long-Term Incentive Performance programs will vest prorated for the months he was employed during each performance period. It said the awards will be paid after each performance period ends, based on actual performance. It said Newman can exercise his 38,931 vested option awards for 1 year(s) from June 1, 2024. His unvested option awards will be forfeited.
The company said in its press release that Newman plans to focus on his health as his near-term priority. Carol Tomé, the company's CEO, said UPS reaffirms the full-year guidance it shared on the last earnings call.

Summary

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Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

CFO Brian O. Newman to leave on June 1, 2024

UPS said Brian O. Newman, its Executive Vice President and Chief Financial Officer, will leave the company on June 1, 2024. The company said it will evaluate internal and external CFO candidates to choose his successor. The announcement was made on May 6, 2024.

Source · Based on the filing body and exhibits

Departure pay: cash of $1,830,471 under KESP terms

Under the previously approved UPS Key Employee Severance Plan terms, the company said it will pay Newman a cash payment of $1,830,471. It said the payment equals 1 times his annual base salary, 1 times his target MIP award for 2024, and the cost difference for 18 months of COBRA coverage. The payment is subject to his timely signing and not revoking a supplemental release of claims. It also includes career counseling services valued at up to $20,000.

Source · Based on the filing body and exhibits

Vesting of long-term performance pay and option exercise window

The company said Newman's 35,166 restricted performance units granted under its 2022, 2023 and 2024 Long-Term Incentive Performance programs will vest prorated for the months he was employed during each performance period. It said the awards will be paid after each performance period ends, based on actual performance. It said Newman can exercise his 38,931 vested option awards for 1 year(s) from June 1, 2024. His unvested option awards will be forfeited.

Source · Based on the filing body and exhibits

Press release: health focus and reaffirmed annual outlook

The company said in its press release that Newman plans to focus on his health as his near-term priority. Carol Tomé, the company's CEO, said UPS reaffirms the full-year guidance it shared on the last earnings call.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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