Tag: UPS

UPS announces three top financial assignments

Posted by | Aug 9, 2007 | |

Scott Davis, UPS vice chairman and chief financial officer, today announced a series of three appointments to key financial posts. Rich Peretz has been named vice president of finance; Teresa Finley the chief financial officer for international operations, and Andy Dolny the vice president of investor relations.

Peretz, 45, most recently has worked as the vice president of international finance. He will report to Davis and will be responsible for the functions of Treasury, procurement, risk management, investments and mergers and acquisitions.

Finley, 45, has served as UPS’s vice president of investor relations since November 2003 and will succeed Peretz, functioning as the chief financial officer for UPS’s international operations. She will report to UPS International President Alan Gershenhorn.

Dolny, 49, a certified public accountant and chief financial officer of UPS Supply Chain Solutions, will succeed Finley as the company’s top investor relations officer. He will report to Davis.

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FedEx lawsuit could cost USD 630 million

Posted by | Aug 9, 2007 | |

A federal judge in South Bend this month will weigh whether lawsuits filed by independent contractors against FedEx Corp. in two dozen states should be combined.

About 150 independent contract drivers, designated by FedEx as part-time employees, seek to be classified as full-time workers, according to Bloomberg. That would entitle them to benefits and paid time off.

FedEx also could be forced to buy up to 15,000 trucks used by the drivers, at USD 45,000 apiece. According to some estimates, a favorable ruling for contract drivers could cost the Memphis-based company USD 630 million.

FedEx has been nipping at the heels of larger United Parcel Service, grabbing nearly 20 percent of the ground-delivery market, while UPS has shrunk to 70 percent from 82 percent over the past decade.

The Teamsters union, which represents UPS drivers, is behind the flurry of lawsuits, according to FedEx. It filed as evidence with the court copies of emails between the union and attorneys representing the independent drivers.

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UPS, Teamsters close to withdrawal deal

Posted by | Aug 8, 2007 | |

United Parcel Service of America Inc., Atlanta, and Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., reached an agreement on the company’s potential withdrawal from the USD 20.7 billion fund, according to a letter the International Brotherhood of Teamsters sent to local union offices.

Norman Black, UPS spokesman, and Central States officials Mark F. Angerame, CFO, and William J. Nellis, attorney couldn’t be reached for confirmation.

“The specific terms of the agreement are being finalized by the company and fund,” according to a letter by James P. Hoffa, Teamster president and chairman of the Teamsters National United Parcel Service Negotiating Committee, and Ken Hall, co-chairman of the committee.

Any agreement between UPS and Central States “cannot be implemented unless it is accepted by the (Teamsters) negotiating committee and ratified by the members,” the letter said. “In short, the existence of the agreement between Central States and UPS does not mean that UPS is free to withdraw from Central States and establish a new, jointly administered Teamster pension plan for its employees.”

The Teamsters committee still awaits official notification of the agreement, according to the letter.

UPS is the biggest contributor to the Central States fund, and its employees account for the largest number of Teamsters members.

UPS contributes to 20 other Teamsters jointly trusteed plans covering UPS employees.

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Interview – Cologne seeks to defend status as Europe's top express airport

Posted by | Aug 8, 2007 | |

Cologne/Bonn Airport is determined to defend its position as Europe’s leading airport for express cargo despite the move of DHL to Leipzig, managing director Michael Garvens told CEP-Research in an interview. Integrators and low-cost passenger airlines will remain the two core businesses in the future, he said.

Cologne/Bonn, with some 700,000 tones of air freight in 2006, is Germany’s second-largest cargo airport behind Frankfurt but the largest for express traffic due to the UPS European air hub and DHL’s night flight hub. This year it is expecting to grow to about 740,000 tones.

Cologne, with rapid access to Germany’s main export region of North Rhine-Westphalia, had a much better location than Leipzig, he noted. “Integrators are close to their customers in Cologne,” he declared.

The relocation of DHL and Lufthansa Cargo flights to Leipzig later this year and during early 2008 will mean the loss of some 215,000 tones of freight and some EUR 20 million in revenues. DHL, which will close down its larger European hub at Brussels next year, expects to handle some 700,000 tones a year at its new European express hub at Leipzig, which is due to go into service in August 2008.

The relocation of FedEx’s Central and Eastern European hub from Frankfurt to Cologne in 2010 will compensate for about one-third of the lost DHL tonnage. This will enable the airport to grow from about 550,000 tones to well over 600,000 tones in annual volumes that year.

Cologne/Bonn generates about 40 pct of its revenues, which grew to EUR 256 million last year, from freight, and expects to maintain this share in the future.

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UPS talking pension issues

Posted by | Aug 4, 2007 | |

UPS hopes to resume talks with the Teamsters union toward a new contract soon, a company spokesman said yesterday.

The two sides put talks on hold last month while UPS sought more information about a union pension plan that draws support from UPS and other employers. Teamsters officials have said UPS wants to pull its employees out of the plan.

The union says the company and the troubled Central States Fund have an agreement on “establishing conditions for a potential UPS withdrawal.”

UPS and the Teamsters, which represent about 246,000 workers at the company, have been in contract talks since September. The current contract expires Aug. 1, 2008.

The shipping operates its Worldport hub at Louisville International Airport, and has more than 20,000 employees in the metro area.

The Central States Fund has been an issue because as the number of employers paying into the fund declines, more of a burden falls on UPS.

In May, the union said UPS expressed willingness to jointly manage a new pension plan with the Teamsters as a way to get out of the fund.

The fund raised health-insurance costs and lowered pensions for some future retirees in 2003.

The agreement disclosed last Thursday “does not mean that UPS is free to withdraw from Central States,” the union said on its Web site. Teamsters officials said they would not agree with a UPS withdrawal from the fund unless they are satisfied it would be in the interest of all Teamsters.

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