UPS 2008 Annual Report Download - page 3

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2
“The problem before
each of us is not only to
keep pace with changing
conditions, but to keep
ahead of them.”
— Jim Casey
UPS Founder
1932
D. Scott Davis
Chairman and Chief Executive Ofcer
are as appropriate today as they were
in 1932 when our nation was in economic turmoil. They
capture the philosophy of how UPS operates through changing
economic and business conditions. We are resilient and
adaptable, with a highly flexible global network that allows
our company to meet changing market forces, while creating
new solutions to help our customers succeed. At the same
time, we never lose sight of the future, taking the steps
necessary to ensure UPS remains the world’s leading
transportation solutions provider.
Managing through 2008 required all of our skills as the
business environment worsened rapidly. At the beginning of
the year, global economies and small package markets were

followed by sharply escalating fuel prices. Then the credit crisis
erupted, causing substantial slowing of economies outside the
United States.


decline in our consolidated package volume, to 3.9 billion
pieces. The U.S. recession was apparent in a 2.0 percent
decline in our total domestic package volume.