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UPS CFO to retire; PepsiCo exec named as replacement

United Parcel Service Inc. said CFO Richard Peretz plans to retire and will be replaced by PepsiCo Inc. executive Brian Newman, effective Sept. 16.

Peretz will remain with UPS through December to ensure a smooth transition. He has been with the company since 1981, taking over as CFO in 2015.

Newman will join from PepsiCo, where he has worked for 26 years. He is the company's executive vice president for Latin America finance and operations.

Newman will become a member of the UPS management committee.

UPS posted adjusted EPS of $1.96 in the second quarter, up from $1.94 in the previous year and above the S&P Global Market Intelligence consensus normalized EPS estimate of $1.93.