Pension Funds

UPS chooses new CIO

Ernie Caballero was named chief investment officer of United Parcel Service Inc.'s defined benefit plans, said Glenn Zaccara, company spokesman, in an email.

Mr. Caballero has been with Atlanta-based UPS for 29 years, Mr. Zaccara said, and "has held numerous financial leadership roles including vice president Eurasia treasury and mergers & acquisitions, as well as CFO of the company's Europe region, among others." Mr. Zaccara declined to provide further information.

Longtime CIO Brian Pellegrino left UPS in January to become CIO of Atlanta-based Georgia Tech Foundation's $1.6 billion endowment. In November, Mr. Zaccara had said "a successor for this role has been identified from within the company," but declined to disclose further details.

As of Dec. 31, U.S. defined benefit plan assets totaled $41.93 billion and international defined benefit plan assets totaled $1.3 billion, according to the company's most recent 10-K filing.