UPS Names Former Home Depot CFO as New CEO

Carol Tomé, who has been CFO of Home Depot for 18 years and helped manage its strong growth, will be the new CEO of UPS. She succeeds David Abney, who will stay on as executive chairman until retiring from the board in September and acting as a transitional consultant through the end of 2020.

Tomé, who will take the reins June 1, is an insider of sorts, having served on the UPS board since 2003. Home Depot has seen a 450% increase in shareholder during her tenure as CFO, according to a UPS release. Her responsibilities included corporate strategy, finance and business development for the 2,300-store chain.

Abney, a UPS lifer, has been with the company 46 years, starting as a package loader. He was named CEO in 2014 and added chairman in 2016. Abney has overseen major changes at the carrier in recent years, including massive investments in automation at new and existing facilities to increase capacity, the rapid growth of ecommerce and coopetition with Amazon, the move to seven-day delivery and development of drone technology.

Most recently, UPS and self-driving technology company Waymo started a pilot program for autonomous vehicle package pickup in January in the Phoenix area, using Waymo’s Chrysler Pacifica minivans to shuttle packages from UPS stores to a UPS sorting facility for processing.

“Carol is one of the most respected and talented leaders in corporate America and has a proven track record of driving growth at a global organization, maximizing shareholder value, developing talent and successfully executing against strategic priorities,” said William Johnson, an independent director who will become non-executive chairman of UPS when Abney steps down. “As a member of the board and chair of the Audit Committee, Carol has in-depth knowledge of UPS’s business, strategy and people, and is the right executive to lead the company at this important time in its transformation.”

According to Forbes, Tomé was a leading candidate for CEO in 2014 when current chief executive Craig Menear was tapped. She will be one of 38 CEOs of Fortune 500 companies.

“We congratulate David on a truly exceptional career at UPS,” Johnson said in the release. “He has undertaken bold actions to place UPS at the forefront of the transportation industry and position its global network and people to capitalize on emerging trends that will carry the company well into the future.”

“I look forward to working with and further developing the talented management team and the company’s 495,000 employees to deliver for our customers and shareowners,” Tomé said. “David has led a remarkable transformation at UPS and I plan to build on his success. UPS’s rich culture and commitment to its values will guide us as we continue to lead the industry and build on the company’s already strong foundation.”

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