UPS Capital has announced the appointment of a new president after Bob Bernabucci has stepped down from the helm after 41 years at the company.

Vice-president Ronald Chang has been named as Bernabucci’s successor at UPS Capital, the risk management and financial services arm of the global package delivery giant.

Chang will take over responsibility in continuing to build a strong portfolio of products. The business unit of UPS has products such as cargo and parcel insurance, trade finance and payment services.

“We are grateful to Bob for his loyal service and contribution to our company. He’s built a strong portfolio of products for UPS Capital which offers innovative and competitive solutions for our customers. We are fully confident in Ronald’s ability to build upon Bob’s solid foundation and continue leading UPS Capital’s growth and contribution to UPS,” says Kurt Kuehn, UPS chief financial officer.

Chang has already helped to pave the way for UPS’s, and its subsidiaries’, international expansion, by establishing an Emea finance office and completing more than 70 deals around the world. From 1999 to 2006, Chang served as the senior director of mergers and acquisitions, treasury for Emea. He has recently led the company’s corporate development activities.

Bernabucci, who joined UPS in 1973 and became president in 1999, has been credited by UPS for forging financial services and insurance offerings into one business unit, which allowed its customers to protect their goods, enhance their cash flow and safeguard their payments.