United Parcel Service announced on Friday that it has named David Abney, currently the company's Chief Operating Officer, as its new Chief Executive Officer and appointed him to the Board of Directors. Scott Davis, 62, who has served as the company's Chairman of the Board and CEO since 2008, will retire from UPS and will assume the role of non-executive Chairman. Both moves are effective September 1, 2014.

Abney, 58, becomes the 11th chief executive officer in the 107-year history of the company. He began his UPS career in 1974 as a part-time package loader. Over the course of his 40-year career, he held various operational positions leading to his current position. As chief operating officer, Abney had responsibility for UPS logistics, sustainability, and engineering, leading the company's significant investment in alternative fuel fleets, and implementing programs to expand the company's total freight volume. In that role, he directed the UPS transportation network serving more than 200 countries and territories.

"David possesses tremendous depth of understanding of the rapidly evolving transportation and logistics markets," said Davis. "His capability to anticipate global trends, identify risks and guide the company and our clients to capitalize on opportunities has proven invaluable. We have navigated through challenging economic recovery periods during my tenure as CEO.

Abney will also be responsible for steering UPS through the explosion of e-commerce and improving its U.S. capabilities after it couldn't keep pace with Christmas shipments last year, says the Wall Street Journal.

"I am deeply honored to be selected by the Board to serve as CEO," said Abney. "The company has provided me tremendous opportunity, amazing career experiences and rewarding professional development. I believe it is my duty to create an environment where talented UPS people can excel by helping our customers to accomplish their goals. Ultimately, I believe that is how, together, we will build on the UPS legacy of success."