UPS names top executives, announces two retirements

UPS has announced at the regularly scheduled meeting of its Board of Directors several changes in top management. The UPS Board also declared a quarterly dividend of 25-cents per share on all outstanding Class A and Class B shares.

The dividend is payable on Jan. 5, 2004, to shareholders of record on Nov. 24, 2003.

Announcing their retirements from UPS at year's end were Thomas H. Weidemeyer, chief operating officer and president of UPS Airlines, and Joseph R. Moderow, general counsel, corporate secretary and head of global public affairs and public relations. Weidemeyer and Moderow also serve on the UPS Board of Directors as well as the UPS Management Committee, the senior management group responsible for overseeing day-to-day operations of the company.

Named to succeed Weidemeyer as chief operating officer and president of UPS Airlines is John Beystehner, a 32-year company veteran who currently serves as senior vice president of worldwide sales and marketing. Replacing Moderow as general counsel and corporate secretary will be Allen Hill, a 27-year UPSer who is currently vice president heading the company's legal department.

Succeeding Beystehner as senior vice president of worldwide sales and marketing will be Kurt Kuehn, currently vice president in charge of investor relations.

Hill and Kuehn were elected senior vice presidents by the UPS Board and will become the newest members of the UPS Management Committee effective Jan. 1, 2004.

“Tom and Joe leave behind a legacy of invaluable service to our company,” said UPS Chairman and CEO Mike Eskew. “They helped guide UPS through many significant transformations and we all have benefited from their leadership and commitment to integrity and ethical business conduct.”

Tom Weidemeyer began his UPS career in 1972 and served in various assignments of increasing responsibility in package operations, air operations and the legal department. In 1989 he was named to head the company's Americas operations, where he directed the development of the UPS delivery network throughout Central and South America. In 1990, he was appointed head of UPS Airlines and oversaw a period of dramatic growth during which UPS became the 11 th largest airline in the world. Weidemeyer has been a member of the UPS Board since 1998.

Joe Moderow joined UPS in 1968 and served in numerous positions in operations and engineering before being promoted to the corporate legal function in 1977. He later served in the company's national labor relations group and also headed the operations team for the start-up of international air service in 1986. That same year he became general counsel and corporate secretary and has since served under four UPS CEOs. He subsequently assumed responsibility for global public affairs and public relations. Moderow has been a UPS director since 1988.

John Beystehner, 52, brings a broad range of experience to his new position as chief operating officer. Between 1971 and 1983, Beystehner was involved in all phases of UPS's package operations. He also has held various positions in legal, marketing, sales and air operations. As operations manager for UPS Airlines, Beystehner was heavily involved in the legal and regulatory aspects associated with the start-up of the airline, major aircraft acquisitions and labor negotiations. He assumed the position of worldwide sales manager in 1997 and marketing manager in 2001. Under Beystehner's direction, UPS launched its largest advertising initiative ever – the “What Can Brown Do for You?” campaign – and one of the largest and most complex branding initiatives in corporate history last March, including the first change in the UPS logo in more than 40 years.

Kurt Kuehn, 49, will assume responsibility for worldwide sales and marketing. Kuehn joined UPS in 1977 and has had a wide range of experience in operations, engineering, finance and marketing. In 1998, he was named to head the business function responsible for market research and competitive analysis. Kuehn then played an instrumental role in UPS's initial public offering of stock in 1999, which was at the time the largest IPO in the history of Wall Street. He subsequently was named the company's first Investor Relations manager.

Allen Hill, 48, joined UPS in 1976 and rose through various assignments in operations and human resources before joining the company's legal function in 1988. In 1995 he was named vice president and department manager responsible for all of UPS's worldwide legal affairs. In addition to his role as senior vice president, general counsel and corporate secretary, Hill also will be responsible for public affairs and public relations.

“It is a testament to the strength and depth of our management team that we have such high-caliber people ready to step in and lead our company as we execute on our strategy of synchronizing the world of commerce,” said Eskew.