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The Board of Directors of UPS (NYSE:UPS) announced the nomination of a new director to stand for election at the annual shareowners' meeting in May.
The new candidate is Gary L. Crittenden, executive vice president and chief financial officer of the American Express Co. He assumed those positions in June 2000 and is a member of the American Express Global Leadership Team, the company's senior-most management group. Crittenden serves as a key advisor on strategic and financial matters worldwide as well as representing American Express to investors, lenders and rating agencies.
"We are pleased to nominate an executive of Gary's caliber for election to our Board," said Mike Eskew, UPS's chairman and CEO. "UPS will benefit greatly from his skills and experience in global finance and strategy."
Crittenden, 53, began his career in consulting with Bain & Company, where he worked on a range of strategic projects in the United States and Germany. Prior to joining American Express, he also worked as the chief financial officer of Monsanto and Sears Roebuck Co.
Crittenden holds a BS degree in management from Brigham Young University and an MBA from Harvard. He currently serves on the Board of Directors of Staples Inc.
In announcing Crittenden's nomination, the Board also disclosed that a long-time independent director, Gary MacDougal, would not stand for re-election in accordance with the company's corporate governance guidelines. The guidelines state that a director should not be nominated for election once he or she attains the age of 70. MacDougal, the former chairman and CEO of Mark Controls Corp., currently is the senior member of the UPS Board, having become a director in 1973.
"It is impossible to overstate the contributions of Gary MacDougal," said Eskew. "Gary brought an essential outside perspective as well as global view to UPS when it was a private, much-smaller U.S. company. And he's the type of individual who constantly challenges everyone to think outside the box. UPS will miss Gary and I will miss Gary."
MacDougal served as the chairman and CEO of Mark Controls from 1969 to 1987. Prior to that, he was a partner at McKinsey & Co., an international management consulting firm. In 1989, MacDougal was appointed by President George H.W. Bush as a delegate and alternate representative in the U.S. delegation to the United Nations. He currently serves as a director of the Bulgarian American Enterprise Fund.
A former U.S. Navy officer, MacDougal earned a bachelor's degree in engineering at UCLA and an MBA degree from Harvard. He serves as an advisory director of Saratoga Partners, a New York-based venture capital fund.
The current directors who will seek re-election to the Board include Mike Eskew; Scott Davis; Michael J. Burns; Stuart E. Eizenstat; James P. Kelly; Ann M. Livermore; Victor A. Pelson; Carol B. Tome; John W. Thompson, and Ben Verwaayen. John Beystehner, who retired on Jan. 2 as UPS's chief operating officer, is not seeking re-election.
The annual shareowners' meeting will be held May 10, 2007. The Board of Directors has fixed the close of business on March 12, 2007, as the record date for determining holders of UPS common stock entitled to notice of, and to vote at, the annual meeting.
UPS, which celebrates its 100th birthday in 2007, is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at UPS.com
The new candidate is Gary L. Crittenden, executive vice president and chief financial officer of the American Express Co. He assumed those positions in June 2000 and is a member of the American Express Global Leadership Team, the company's senior-most management group. Crittenden serves as a key advisor on strategic and financial matters worldwide as well as representing American Express to investors, lenders and rating agencies.
"We are pleased to nominate an executive of Gary's caliber for election to our Board," said Mike Eskew, UPS's chairman and CEO. "UPS will benefit greatly from his skills and experience in global finance and strategy."
Crittenden, 53, began his career in consulting with Bain & Company, where he worked on a range of strategic projects in the United States and Germany. Prior to joining American Express, he also worked as the chief financial officer of Monsanto and Sears Roebuck Co.
Crittenden holds a BS degree in management from Brigham Young University and an MBA from Harvard. He currently serves on the Board of Directors of Staples Inc.
In announcing Crittenden's nomination, the Board also disclosed that a long-time independent director, Gary MacDougal, would not stand for re-election in accordance with the company's corporate governance guidelines. The guidelines state that a director should not be nominated for election once he or she attains the age of 70. MacDougal, the former chairman and CEO of Mark Controls Corp., currently is the senior member of the UPS Board, having become a director in 1973.
"It is impossible to overstate the contributions of Gary MacDougal," said Eskew. "Gary brought an essential outside perspective as well as global view to UPS when it was a private, much-smaller U.S. company. And he's the type of individual who constantly challenges everyone to think outside the box. UPS will miss Gary and I will miss Gary."
MacDougal served as the chairman and CEO of Mark Controls from 1969 to 1987. Prior to that, he was a partner at McKinsey & Co., an international management consulting firm. In 1989, MacDougal was appointed by President George H.W. Bush as a delegate and alternate representative in the U.S. delegation to the United Nations. He currently serves as a director of the Bulgarian American Enterprise Fund.
A former U.S. Navy officer, MacDougal earned a bachelor's degree in engineering at UCLA and an MBA degree from Harvard. He serves as an advisory director of Saratoga Partners, a New York-based venture capital fund.
The current directors who will seek re-election to the Board include Mike Eskew; Scott Davis; Michael J. Burns; Stuart E. Eizenstat; James P. Kelly; Ann M. Livermore; Victor A. Pelson; Carol B. Tome; John W. Thompson, and Ben Verwaayen. John Beystehner, who retired on Jan. 2 as UPS's chief operating officer, is not seeking re-election.
The annual shareowners' meeting will be held May 10, 2007. The Board of Directors has fixed the close of business on March 12, 2007, as the record date for determining holders of UPS common stock entitled to notice of, and to vote at, the annual meeting.
UPS, which celebrates its 100th birthday in 2007, is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at UPS.com
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