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UPS appoints COO Abney chief executive to replace Davis


    (Reuters) - United Parcel Service Inc , the world's largest parcel delivery company, named David Abney chief executive to replace Scott Davis who will retire to become non-executive chairman.

    Abney, currently chief operating officer, has been running the company's global transportation network and has led its investment in alternative fuel fleets, UPS (UPS.NY)said on Friday.

    UPS, known for its brown delivery trucks, has invested heavily in propane-fueled vehicles.

    Davis, who has been CEO and chairman since 2008, will retire after about 28 years with UPS. Both moves are effective Sept. 1.

    UPS shares closed at $103.62 on the New York Stock Exchange on Thursday. They have gained about 22 percent in the past year, compared with a 20 percent rise in the S&P 500 index .

    (Reporting by Ankit Ajmera in Bangalore; Editing by Joyjeet Das)