UPS Inc. said its board unanimously elected CEO David Abney to the position of chairman.

The company said Abney succeeds Scott Davis, who will retire from the board as of the company’s upcoming 2016 annual meeting.

The annual meeting has not yet been publicly scheduled, according to the company’s online calendar of events.

UPS ranks No. 1 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.

“Leading UPS into the future is a great honor, and I thank each and every UPS employee, our management committee, and our board for the trust placed in me every day,” Abney said in a statement. “Continued international expansion, global e-commerce acceleration and growth in specialized markets present endless opportunities ahead, and it is a privilege to steer UPS to continued success.”

Additionally, the board created the new position of lead independent director, and appointed William Johnson to the role, effective immediately, it said Feb. 10.

Among other responsibilities, the new lead independent director will help set future agendas for board meetings, preside at meetings of independent directors, serve as the liaison between the chairman and the independent directors, and consult on shareholder engagement and governance matters, UPS said.

Johnson, a former chairman and CEO of the H. J. Heinz Co., will continue to serve as chairman of the nominating and corporate governance committee, the company said. “Our decision to combine the roles of board chairman and CEO is a result of thoughtful consideration of the board’s leadership structure,” Johnson said in a statement. “This change will improve strategic alignment and support the company’s ability to deliver value through profitable global growth, operating efficiency, customer satisfaction and continuous improvement.”

He added: “David Abney’s leadership on our board, combined with many years of distinguished UPS service and a strong track record as CEO, have prepared him to fulfill the role of both chairman and CEO.”

UPS said during his tenure as CEO, Abney expanded international and domestic revenue growth, delivered several consecutive quarters of earnings per share improvement, and successfully completed and integrated strategic acquisitions.

Prior to his appointment as CEO in 2014, Abney served as chief operating officer, overseeing logistics, sustainability, engineering and all facets of the UPS transportation network. Earlier in his career, Abney held the position of president of UPS International, driving the company’s strategic initiatives to increase its global capabilities, the company said.

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