UPS promotes COO to CEO position

Shipping giant UPS announced Friday it named David Abney, who currently serves as chief operating officer, the company’s new chief executive.

UPS also appointed Abney to the board of directors. Scott Davis, who has served as CEO since 2008, will retire from the company and take the role of non-executive chairman. Both moves are effective September 1, according to Fox Business.

"David (Abney) possesses tremendous depth of understanding of the rapidly evolving transportation and logistics markets. His capability to anticipate global trends, identify risks and guide the company and our clients to capitalize on opportunities has proven invaluable,” Davis said of his predecessor in a news release.

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