United Parcel Service Inc.’s share price up, appoints David Abney as the new CEO to succeed Davis in September

The biggest package-delivery company in the world – United Parcel Service Inc. made an official statement, announcing that Mr. David Abney is to be the new Chief Executive Officer of the company. Mr. Abney is to succeed Mr. Scott Davis, who will retire after spending almost three decades in UPS Inc.

One of the United Parcel Service Inc.s board members and chairman of the nominating and corporate governance committee – Duane Acherman commented the appointment for the Wall Street Journal: “As the chairman and CEO for the past nearly seven years, Scott Davis has skillfully guided UPS through one of the most turbulent global economic periods in history.”

He was also in the lead during the companys offer for TNT Express NV, which was estimated at 5.16 billion euros (7 billion dollars) and collapsed in 2013.

Currently, Mr. Abney occupies the position of Chief Operating Officer. He will become the 11th Chief Executive Officer of the company that has a history of more than a century. Mr. Scott Davis, who is to take the position of non-executive Chairman after he retires, has served as Chairman and Chief Executive Officer of United Parcel Service Inc. since 2008.

According to the companys statement, both changes will take effect on September 1st.

Recently, United Parcel Service Inc. has joined other freight and transportation companies, which were forced to face both the harsh winter weather, as well as the rising demand as more customers prefer to make their purchases online. Most package-delivery companies took a hard blow from the winter weather, especially considering the fact they operate on domestic delivery networks that are time-sensitive.

United Parcel Service Inc. was 0.63% up to close at 103.62 dollars per share yesterday, marking a one-year change of +21.96%. According to the information published on CNN Money, the 21 analysts offering 12-month price forecasts for United Parcel Service Inc. have a median target of 110.00, with a high estimate of 122.00 and a low estimate of 99.00. The median estimate represents a +6.16% increase from the last price of 103.62.