Richard Peretz will retire as chief financial officer of UPS, with Brian Newman joining from PepsiCo to fill the role.

Newman, who is executive vice president – finance and operations Latin America for PepsiCo will take up the role on 16 September, and will join the UPS Management Committee.

Peretz, who took up the role of chief financial officer in 2015, will remain with UPS until December 2019 to assist Newman and ensure a smooth transition period.

Newman has worked at PepsiCo for over 26 years, with his most recent role taking responsibility for all finance and operations activities across the Latin America.

David Abney, chairman and CEO of UPS says: “Brian’s deep finance knowledge and broad cross-functional experience will be a great asset as we continue our transformation.  He will contribute to our drive for improved growth and operating performance, and he will support our strategies focused on the long-term success of the company.”

Peretz says: “I am proud to have been part of such a great company and to have participated in UPS’s extraordinary growth during my years here. I am confident in the management team and appreciative of all the opportunities I have been given throughout my career at UPS.”

Peretz joined UPS in 1981 and has held various finance leadership roles, including being a key member of the company’s IPO in 1999.

He was named chief financial officer of International in 2003, promoted to corporate finance vice president in 2007, named corporate controller in 2013 and became corporate treasurer in 2014.