Ex-Home Depot CFO Carol Tomé named UPS CEO

Mike Troy
Editorial Director
Mike  Troy profile picture

On June 1, former Home Depot CFO Carol Tomé will succeed David Abney as CEO of UPS. Her selection as only the 12th CEO in UPS’s 113 year history makes the company one of the nation’s largest to be led by a female chief executive, ranking 41st on the Fortune 500 list.

Tomé has served on the UPS board since 2003, a period of time that overlaps with the 24 years she spent at Home Depot, including 18 as CFO prior to her departure last August. She also previously served as a Director of the Federal Reserve Bank of Atlanta and joined the board of Verizon in January.

“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 UPS lead independent director William Johnson. “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.”

She will fill a position held by David Abney, UPS current chairman and CEO, who will transition to the role of executive chairman on Jan. 1. He will retire from the UPS Board on September 30 and then to ensure a smooth transition through the peak holiday season will remain as a consultant through the end of 2020. Abney began his 46 year career at UPS as a package handler at a small facility in Mississippi and spent the past six years as CEO.

“UPS has been one of my life’s passions and through UPS I have been able to live the American dream,” Abney said. “I am proud to have worked with UPSers to prepare this great company for its next 100 years. I am confident in the UPS management team and their capabilities to execute our strategies in the future. This is the right time for me to pass the baton. I am extremely pleased for Carol and know she is the best choice to lead the company. She understands UPS’s culture and values, is a strategic leader and possesses a customer-first mindset.”