UPS appoints Richard Peretz as CFO, and Kurt Kuehn announces retirement

UPS has appointed Richard Peretz as Chief Financial Officer, replacing Kurt Kuehn, who is retiring after 38 years with the company. Kuehn will continue his existing duties during the transition of responsibilities to Peretz, whose appointment will take effect  from 1 July.

Peretz, who joined the company in 1981 and is currently UPS Corporate Controller and Treasurer, will join UPS’s Management Committee.

“Richard brings to the CFO position deep functional experience in corporate and international leadership assignments,” said David Abney, UPS Chief Executive Officer. “I am confident that he will bring a unique perspective to his new role while at the same time providing the stability in transition needed to continue our progress on long-term strategies.”

Peretz has held a series of leadership positions, including district controller to support UPS’s expansion into The Americas. He became International Chief Financial Officer in 2003, and was promoted to Corporate Finance Vice President in 2007 where he oversaw a broad range of finance staff areas. He was appointed Corporate Controller in 2013, and expanded his role to included Corporate Treasurer in 2014.

Kurt Kuehn has been UPS CFO for eight years. He was UPS’s first Investor Relations Vice-President, leading the company’s initial public offering in 1999 – the largest IPO in the 20th century.

“Kurt has provided insightful judgment and strong leadership, based on his extensive career experience and broad business perspective,” said Abney. “He has helped UPS to take advantage of industry trends and prepare for the future. I thank Kurt for his unwavering commitment to UPS and appreciate his contributions to many of the company’s accomplishments.”

As reported by Post&Parcel yesterday, UPS has also announced double-digit earnings growth for the first quarter of 2015. Operating profit rose 11% to $1.7bn, pushing diluted share earnings up 14% year-on-year to $1.12 per share.