March 06, 2015 12:52 PM ET

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Company Overview of United States Postal Service

Company Overview

United States Postal Service is a independent government agency that is overseen by a board of nine governors appointed by the president. The United States Postal Service is responsible for delivering about 40% of the world's mail. The United States Postal Service holds a monopoly over the delivery of nonurgent letters.

475 L'Enfant Plaza SW

Washington, DC 20260-0546

United States

Founded in 1775

488,000 Employees

Phone:

202-268-2000

Fax:

202-268-3488

Key Executives for United States Postal Service

Chief Executive Officer and Postmaster General
Age: 52
Chief Postal Inspector
Chief Financial Officer and Executive Vice President
Age: 55
President of Digital Solutions
Age: 63
Chief Information Officer and Executive Vice President
Age: 59
Compensation as of Fiscal Year 2014.

United States Postal Service Key Developments

U.S. Postal Service Plans to Close Akron Mail-Sorting Center

The U.S. Postal Service plans to close an Akron mail-sorting center in mid-April as it consolidates six Ohio operations into two sites in Cleveland and Columbus to cut costs. The closure isn't a surprise. Part of the Akron mail-sorting operation was previously moved to Cleveland with the remainder closing April 18. The Akron post office at that location will remain open.

Contract Talks Between American Postal Workers Union and the U.S. Postal Service for a New Contract

Contract talks between the American Postal Workers Union (APWU) and the U.S. Postal Service for a new contract start Feb. 19. This will be the first time in four-and-a-half years that APWU and postal management have bargained for a newcollective bargaining agreement. It also will mark the first labor negotiations for new Postmaster General Megan Brennan. Along with issues such as fair wages and benefits, the APWU will be proposing bold improvements in customer services, such as postal banking, the sale of licenses, and the addition of public notary services, along with a proposal for longer and more convenient hours for customers to allow USPS to capture a greater share of the growing ecommerce market. The APWU is not alone in its desire to see the Postal Service expand services and reverse many of the destructive practices of former Postmaster General Patrick Donahoe.

U.S. Postal Service Reports Earnings Results for the First Quarter Ended Dec. 31, 2014

U.S. Postal Service reported earnings results for the first quarter ended Dec. 31, 2014. For the quarter, the company reported a 4.3% increase in operating revenue to $18.7 billion over the same period last year and a net loss of $754 million. The increase in operating revenue was driven, in part, by the record number of holiday season packages delivered with high reliability during busiest time of the year. The net loss included a $1.4 billion expense accrued for the mandated prepayment to the Postal Service Retiree Health Benefits Fund.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 2, 2014
Former Union Square Post Office at 237 Washington St.
 

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