Peretz to replace Kuehn as UPS CFO

Along with announcing its first quarter earnings results yesterday, UPS also announced a major management change.

The company said Richard Peretz, UPS Corporate Controller and Treasurer, will assume the role of Chief Financial Officer, replacing Kurt Kuehn, whom will be retiring following a 38-year career with Big Brown.

Peretz will take over his new role on July 1, 2015, with Kuehn remaining in his current role until then to ensure a smooth transition, according to UPS officials. He has been with UPS since 1981 and served in several operational and corporate leadership positions within the Finance staff since first joining the company.  He will also join UPS’s Management Committee, a group of the most senior executives responsible for day-to-day management of the company.

“Richard brings to the CFO position deep functional experience in corporate and international leadership assignments,” said David Abney, UPS Chief Executive Officer, in a statement.  “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.”

When Peretz first joined UPS in 1981, his first role was as a customer service associate while attending the University of Texas at San Antonio, where he received a degree in Accounting.  He held a series of leadership positions including district controller to support UPS’s expansion into The Americas, and was a key member of the team responsible for UPS’s IPO.  Peretz was named International Chief Financial Officer in 2003, and promoted to Corporate Finance Vice President in 2007 where he oversaw a broad range of finance staff areas. He was named Corporate Controller in 2013, and expanded his role to included Corporate Treasurer in 2014.

Kuehn has served as UPS CFO for eight years and 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.”

Prior to his appointment as CFO in 2008, he was Senior Vice President Worldwide Sales and Marketing, leading the sales organization to improve the customer service around the globe, UPS said. Over the years, the company dramatically expanded internationally and absorbed more than 40 mergers and acquisitions to expand capabilities broadly across the range of supply chain services. Since he joined UPS as a driver in 1977, his UPS career has included leadership roles in sales and marketing, engineering, operations, and strategic cost planning.

“Richard and I’ve worked together for more than 20 years on many of the most important company developments throughout our shared history,” Kuehn said on yesterday’s earnings call. “I think he will learn that he has tremendous ability to simplify complex business issues and develop a sound financial perspective, even on the most difficult transactions and issues. He is a capable leader who is ready to take on the critically important job of guiding the company’s financial strategies and leading the financial team.”