Carol Tomé

Carol Buchenroth Tomé (born January 10, 1957) is an American business executive who serves as the chief executive officer of United Parcel Service (UPS), one of the world's largest package delivery and supply chain management companies. Appointed in June 2020, Tomé is the first woman and the first outsider to lead UPS in the company's 114-year history, breaking a long tradition of promoting CEOs exclusively from within the ranks.

Before joining UPS, Tomé spent 24 years at The Home Depot, including 18 years as executive vice president and chief financial officer (2001-2019), where she was widely regarded as one of the most successful CFOs in corporate America. During her Home Depot tenure, she delivered a 450% increase in shareholder value, navigated the company through the 2008 financial crisis and housing market collapse, and expanded the retailer from 400 to 2,200 stores globally. Her strategic financial leadership made her one of the most respected women in American business and a frequent presence on lists of powerful women executives.

At UPS, Tomé has pursued a controversial "better not bigger" strategy focused on profitable growth rather than volume expansion, improving service quality, and shifting away from less profitable segments like Amazon deliveries toward higher-margin business-to-business and healthcare logistics. Her tenure has been marked by both remarkable financial success—with UPS achieving record revenues and profitability—and intense labor conflict with the International Brotherhood of Teamsters, which represents 350,000 UPS workers.

In 2023, Tomé successfully navigated tense contract negotiations with the Teamsters that nearly resulted in the largest single-employer strike in U.S. history. While ultimately averting the August 2023 strike with a new five-year contract, her relations with the union remain contentious, with the Teamsters accusing her of prioritizing shareholder returns over worker welfare and alleging multiple contract violations in 2024-2025.

As of 2024, Tomé's net worth is estimated between $60-80 million, and her total compensation as UPS CEO in 2023 was $23.4 million. She has been recognized as one of Fortune's Most Powerful Women multiple times and was ranked #1 on Supply Chain Digital's Top 100 Leaders list for 2025.

Early Life and Education

Childhood in Jackson, Wyoming

Carol Louise Buchenroth was born on January 10, 1957, in a log cabin hospital in Jackson, Wyoming, a small mountain town in the shadow of the Grand Teton mountain range. Jackson in the 1950s and 1960s was a frontier community where residents needed to be self-sufficient and resourceful—qualities that would define Tomé's character and leadership style.

Tomé has described her upbringing as "an unbelievable childhood" that emphasized self-reliance, capability, and the value of hard work. Growing up in rural Wyoming, she learned to hunt, fish, cook, sew, and live off the land. These experiences gave her a practical, hands-on approach to problem-solving and a comfort with taking calculated risks—traits uncommon among executives who grew up in suburban or urban environments.

Her father was a community banker in Jackson, Wyoming, serving as president of a local bank and emphasizing the importance of serving the community through financial services. He also served on the board of the Denver Branch of the Federal Reserve Bank of Kansas City, exposing young Carol to banking, finance, and economic policy discussions. Her father's influence sparked Carol's early passion for finance and business.

Growing up in a banking family, Tomé gained exposure to business concepts and financial thinking from an early age. She worked summers at her father's bank throughout college, learning the fundamentals of commercial lending, credit analysis, and customer relationships. Initially, she envisioned herself following her father's path: working in the family bank and eventually taking it over when he retired.

University of Wyoming

Tomé attended the University of Wyoming in Laramie, where she earned a bachelor's degree in communication. While communication might seem an unusual major for someone who would become one of America's top CFOs, the skills she developed—clear messaging, persuasive presentation, and audience understanding—would prove invaluable throughout her career.

During her college years, Tomé continued working summers at her father's bank, handling increasingly sophisticated financial responsibilities. She discovered she had both an aptitude and passion for financial analysis, strategic thinking about capital allocation, and understanding how businesses create value. This realization led her to pursue graduate studies in finance.

University of Denver

After completing her undergraduate degree, Tomé pursued a master's degree in finance from the University of Denver, one of the leading business schools in the Rocky Mountain region. The program provided rigorous training in corporate finance, investment analysis, financial modeling, and accounting—the technical skills that would form the foundation of her CFO career.

During her graduate studies, Tomé refined her career vision. While she still considered returning to Wyoming to work in community banking, she also began to see opportunities in corporate finance at larger enterprises where she could have broader impact and tackle more complex challenges.

Career

Early Banking Career: United Bank of Denver (1981-1988)

In 1981, fresh from business school, Tomé joined the United Bank of Denver (later acquired by Wells Fargo) as a commercial lender. This was her first position outside of her father's Wyoming bank, and it represented a significant step into big-city corporate banking.

As a commercial lender, Tomé evaluated creditworthiness of businesses seeking loans, analyzed financial statements, assessed industry trends, and made lending recommendations. The role required both technical financial skills and interpersonal abilities to build relationships with business clients. Tomé excelled in the position, demonstrating a talent for understanding complex businesses and assessing financial risks.

During her seven years at United Bank of Denver, Tomé rose through the ranks, handling increasingly large and complex lending relationships. However, she began to feel limited by the traditional banking environment and started looking for opportunities to work directly within operating companies where she could influence strategic decisions beyond just lending.

Johns Manville (1988-1993)

In 1988, Tomé joined Johns Manville, a building products and specialty chemicals manufacturer, as Director of Banking. The company was particularly active in acquisitions, expanding globally through purchases of companies in various international markets. Tomé's role focused on financing these acquisitions, managing banking relationships, and evaluating potential acquisition targets.

This position gave Tomé her first deep exposure to mergers and acquisitions, international business, and the complexities of operating a global manufacturing enterprise. She learned how to evaluate businesses for acquisition, structure financing for deals, and integrate acquired companies—skills that would prove valuable throughout her career.

Riverwood International Corporation (1993-1995)

In 1993, Tomé moved to Riverwood International Corporation (later part of Graphic Packaging) as Vice President and Treasurer. Riverwood was a global paperboard, packaging, and packaging machinery firm based in Atlanta, Georgia. This represented Tomé's first senior treasury role, with responsibilities including managing the company's cash, debt, foreign exchange exposure, and relationships with banks and investors.

The move to Atlanta would prove pivotal for Tomé's career, as it brought her into the orbit of Atlanta's thriving business community and positioned her for the opportunity that would define her professional life: The Home Depot.

The Home Depot (1995-2019)

Joining The Home Depot

In 1995, The Home Depot was seeking an experienced finance executive to support the company's ambitious expansion into Mexico. Tomé's combination of financial expertise, international experience from Johns Manville, and treasury skills made her an ideal candidate. She joined as part of the finance team supporting international expansion.

At the time, The Home Depot had approximately 400 stores, primarily in the United States, and was beginning aggressive international growth. Tomé's initial focus was on the financial aspects of establishing operations in Mexico, including capital allocation, treasury management, real estate financing for new stores, and financial reporting.

Tomé quickly impressed Home Depot's leadership with her financial acumen, strategic thinking, and ability to explain complex financial matters clearly to non-financial executives. She rose rapidly through the finance organization, taking on broader responsibilities.

Becoming CFO (2001)

In May 2001, Tomé was promoted to Executive Vice President and Chief Financial Officer of The Home Depot, becoming one of the highest-ranking women in corporate America at a major Fortune 50 company. The promotion came at a critical time for the retailer, which was facing challenges with slowing same-store sales growth and questions about its expansion strategy.

As CFO, Tomé had responsibility for all financial aspects of a company that was generating over $50 billion in annual revenue. Her role included:

Financial reporting and controls
Capital allocation and investment decisions
Real estate and store expansion financing
Investor relations and communication with Wall Street analysts
Treasury and risk management
Tax strategy
Mergers and acquisitions
Strategic planning support

2008 Financial Crisis and Housing Collapse

Tomé's greatest test as CFO came with the 2008 financial crisis and the accompanying collapse of the U.S. housing market. As a home improvement retailer, The Home Depot was directly exposed to the housing downturn—when home sales plummet and home values fall, consumers dramatically reduce spending on home improvement projects.

The crisis was existential for The Home Depot. Revenue fell sharply, and many analysts questioned whether home improvement retailers could survive a prolonged housing downturn. Some competitors, including smaller chains, went bankrupt.

Tomé led The Home Depot's financial response to the crisis:

Cash Preservation: Tomé tightened financial controls, reduced inventory purchases, cut capital expenditures, and focused ruthlessly on cash flow generation
Liquidity Management: She ensured The Home Depot maintained strong credit lines and access to capital markets even as financial conditions deteriorated
Cost Reduction: Working with operations teams, Tomé helped identify cost savings across the organization, including reducing store growth plans and optimizing the store footprint
Strategic Repositioning: Tomé supported the decision to close underperforming stores, exit certain markets, and refocus on core U.S. operations
Investor Communication: She communicated consistently with investors and analysts, providing transparency about challenges while articulating a path forward

The Home Depot not only survived the crisis but emerged stronger, gaining market share from competitors who failed or retreated. Tomé's financial leadership during this period cemented her reputation as one of the most capable CFOs in corporate America.

Shareholder Value Creation

During Tomé's 18 years as CFO (2001-2019), The Home Depot delivered extraordinary shareholder returns:

Stock Price: The stock increased 450%, dramatically outperforming the broader market
Store Expansion: The company grew from 400 to 2,200 stores globally
Revenue Growth: Revenue expanded from approximately $50 billion to over $100 billion
Digital Transformation: Under Tomé's CFO tenure, Home Depot invested billions in e-commerce and omnichannel capabilities, successfully competing with Amazon in home improvement
Capital Returns: The company returned tens of billions to shareholders through dividends and share buybacks

Tomé was widely credited with disciplined capital allocation, strategic financial planning, and clear communication with investors. She became a fixture on lists of top CFOs and powerful women in business.

Recognition at Home Depot

During her Home Depot tenure, Tomé received extensive recognition:

Named one of Fortune's Most Powerful Women in Business multiple times
Recognized as one of the best CFOs in America by various financial publications
Became one of the longest-tenured CFOs of a major corporation
Developed a reputation for accessibility, clarity, and strategic insight in investor communications

Retirement and Unexpected Opportunity

In September 2019, Tomé retired from The Home Depot at age 62, ending a remarkable 24-year career with the company. She planned to enjoy retirement, spend time with family, and pursue board positions and philanthropic interests.

However, her retirement would be short-lived. Within six months, an unexpected opportunity arose that would bring her back to corporate leadership at an even higher level.

United Parcel Service (2020-Present)

Becoming CEO of UPS

In March 2020, UPS announced that Carol Tomé would become the company's next CEO, effective June 1, 2020. The appointment was historic on multiple levels:

First Female CEO: In UPS's 114-year history, Tomé was the first woman to lead the company
First Outsider CEO: UPS had always promoted CEOs from within, typically from the operations side of the business. Hiring an outsider—and a finance executive at that—represented a dramatic break with tradition
Financial Expertise: UPS was seeking a CEO who could drive profitability and shareholder returns, not just operational excellence

The appointment signaled UPS's board believed the company needed transformation, not continuity. Tomé inherited a company generating $75 billion in annual revenue but facing challenges including intense competition from FedEx and Amazon, pressure from e-commerce growth, labor cost pressures, and questions about strategic direction.

Tomé's appointment came as the COVID-19 pandemic was beginning, adding extraordinary complexity to her transition. She would have to lead a company of 500,000 employees through a global health crisis while delivering on promises of transformation.

The "Better Not Bigger" Strategy

Upon becoming CEO, Tomé introduced a strategic framework called "better not bigger," which represented a fundamental shift in UPS's approach:

Profitable Growth: Rather than pursuing volume growth at any cost, UPS would focus on profitable volume, pricing discipline, and improving margins
Customer Selectivity: UPS would prioritize serving customers who value service quality and are willing to pay premium prices, while deprioritizing price-sensitive, low-margin customers
Operational Excellence: Focus on improving service reliability, delivery speed, and customer experience rather than just moving more packages
Employee Focus: Invest in employee satisfaction, safety, and development as drivers of customer service

The strategy was controversial because it explicitly meant UPS would shrink its relationship with Amazon, its largest customer by volume. Tomé argued that Amazon shipments were low-margin and that UPS could be more profitable serving higher-value business-to-business customers and healthcare logistics.

COVID-19 Pandemic Response

Tomé's first months as CEO coincided with the global COVID-19 pandemic, which created unprecedented challenges and opportunities for package delivery companies:

Volume Surge: With consumers avoiding stores and shifting to e-commerce, package volumes surged dramatically
Operational Strain: UPS's network faced strain from the volume surge, requiring rapid capacity expansion
Employee Safety: Tomé had to protect 500,000 employees while maintaining service during a pandemic
PPE and Vaccine Distribution: UPS played a critical role distributing personal protective equipment and, later, COVID-19 vaccines requiring ultra-cold storage

Tomé's response demonstrated her leadership capabilities. UPS implemented safety protocols, hired 100,000 seasonal workers, expanded capacity, and successfully distributed millions of vaccine doses. The company's performance during the pandemic burnished its reputation for reliability and logistics expertise.

1. 1. 1. Financial Performance Under Tomé====

Under Tomé's leadership, UPS has delivered strong financial results:

Record Revenue: UPS reached over $97 billion in revenue in 2022
Margin Improvement: Operating margins improved significantly as the "better not bigger" strategy took effect
Stock Performance: UPS stock has generally performed well under Tomé's tenure, though with volatility related to economic conditions and labor negotiations
Healthcare Growth: Healthcare logistics revenues have grown substantially, targeting $20 billion within two years by 2024

2023 Teamsters Contract Negotiations

Tomé's greatest challenge as CEO came in 2023 when UPS had to negotiate a new contract with the International Brotherhood of Teamsters, which represents 350,000 UPS workers—the largest private-sector union contract in North America.

The existing contract was set to expire on July 31, 2023. Negotiations began in early 2023 and quickly became contentious:

Strike Authorization: Over 97% of Teamsters members voted to authorize a strike if no agreement was reached
Economic Demands: The union sought substantial wage increases, more full-time positions (converting part-timers), elimination of a two-tier wage system, and air conditioning in delivery trucks
Strike Threat: A UPS strike would have been the largest single-employer strike in U.S. history and could have disrupted the entire U.S. economy

Negotiations broke down in mid-July 2023, with just two weeks before the contract expiration. Many analysts predicted a strike was inevitable. UPS customers began shifting volume to FedEx and other carriers in preparation.

Tomé led UPS's negotiating strategy, balancing investor expectations for cost discipline with the reality that 350,000 workers prepared to strike. In late July, with just days before the deadline, UPS and the Teamsters reached a tentative agreement:

Wage Increases: Substantial pay raises for all workers, with some lower-paid workers receiving raises of up to $7.50/hour over the contract term
Part-Time to Full-Time Conversion: 7,500 part-time positions converted to full-time
Air Conditioning: UPS committed to purchasing package vans with air conditioning
Two-Tier Elimination: Weekend delivery drivers brought to the same pay scale as weekday drivers
Five-Year Term: The contract runs through July 31, 2028

The contract was expensive—analysts estimated it would add $30 billion in costs over the five-year term—but Tomé successfully avoided a strike that could have been catastrophic for UPS's business.

Ongoing Labor Relations Challenges (2024-2025)

Despite averting the 2023 strike, Tomé's relationship with the Teamsters has remained contentious. In 2024 and 2025, the union has accused UPS of:

Contract Violations: Failing to fulfill commitments from the 2023 contract, including not hiring promised full-time employees and not purchasing sufficient air-conditioned vans
Buyout Schemes: Offering buyouts to reduce union jobs, which the Teamsters view as violating the contract
Excessive Workload: Overworking drivers and part-time members beyond contractual limits
Grievance Refusal: Not settling grievances in good faith as required by the contract

Teamsters General Secretary-Treasurer Fred Zuckerman has stated that "executive bonuses" and "stock buybacks" are "far more important to CEO Carol Tomé than the rights and livelihood of the men and women who deliver all those packages." At protests, Teamsters have raised a giant inflatable "greedy pig" said to represent Tomé's tenure as CEO.

These ongoing tensions reflect fundamental disagreements about UPS's strategic direction and the balance between shareholder returns and worker welfare.

Personal Life

Marriage to Ramon Tomé

Carol Tomé is married to Ramon Tomé. The couple has been married for over 30 years, though specific details about how and when they met have not been made public. Ramon Tomé maintains a very low public profile and stays out of the spotlight despite his wife's prominence in corporate America.

According to earlier biographical information, Ramon Tomé was born and raised in Honduras and holds a bachelor's degree in geology and is a chemist by profession, though recent sources have not confirmed these details. He has largely avoided public appearances and media attention throughout Carol's corporate career.

The couple's relationship has been described as supportive and grounded, with Ramon providing stability that allows Carol to focus on demanding CEO responsibilities. Their marriage has endured through Carol's rise from banker to CFO to CEO, requiring significant time commitments and travel.

The Tomé Foundation

Carol and Ramon Tomé established the Tomé Foundation (sometimes referred to as the Carol and Ramon Tomé Family Fund) to support non-profit organizations in several focus areas:

Natural Resource Protection: Supporting organizations that protect and conserve natural resources
Empowering People for Success: Funding education, workforce development, and economic opportunity programs
Energizing the Arts: Supporting arts and cultural organizations
Embracing Diversity: Funding organizations that promote diversity, equity, and inclusion

The foundation reflects the couple's shared values around environmental stewardship (connecting to Carol's Wyoming upbringing), opportunity creation, and community support.

Lifestyle and Residences

Despite her substantial wealth, Tomé is known for a relatively modest lifestyle by CEO standards. She has spoken about maintaining balance between her demanding career and personal life, though she acknowledges the challenges of doing so at the CEO level.

Tomé and her husband maintain a residence in the Atlanta area, where The Home Depot is headquartered and where she spent most of her career. They also have connections to Wyoming, where Carol grew up.

Interests and Hobbies

Drawing from her Wyoming childhood, Tomé has maintained interests in outdoor activities including fishing and hiking. She has spoken about how time in nature helps her think clearly and maintain perspective amid the pressures of leading a Fortune 50 company.

Tomé is also known to be an avid reader and has cited various business books and leadership texts as influential in shaping her management philosophy.

Controversies and Criticism

Teamsters Union Relations

Tomé's most significant ongoing controversy involves her relationship with the International Brotherhood of Teamsters:

"Better Not Bigger" as Anti-Worker: The union has characterized Tomé's strategic focus as prioritizing shareholders over workers, arguing that the strategy means making UPS "better" for investors while making it worse for employees
Alleged Contract Violations: Multiple allegations in 2024-2025 that UPS has failed to honor commitments from the 2023 contract, including not converting enough part-time to full-time positions and not purchasing promised air-conditioned vehicles
Buyout Controversy: In 2025, the Teamsters exposed what they called UPS's plan to reduce union jobs through buyouts, which the union claimed violated the National Master Agreement
Work Intensification: Allegations that UPS has increased workloads beyond contractual limits, leading to driver exhaustion and safety concerns

Political Donations and Anti-Union Support

In 2023, The Intercept reported that Tomé donated $36,500 to the National Republican Senatorial Committee (NRSC), which supports Republican Senate candidates. The donation generated controversy because:

Timing: The donation came during contentious contract negotiations with the Teamsters
Anti-Union Recipients: The NRSC supports many candidates with strong anti-union voting records
Optics: The donation created the perception Tomé was supporting political forces working against labor unions while simultaneously negotiating with the largest private-sector union

Labor advocates criticized the donations as revealing Tomé's true priorities and undermining her stated respect for UPS workers.

1. 1. CEO Compensation===

Tomé's compensation has been a source of controversy, particularly in the context of demanding wage concessions from workers:

2023 Compensation: Total compensation of $23.4 million
Pay Ratio: CEO-to-median worker pay ratio of 436-to-1, meaning Tomé earns 436 times what the median UPS worker earns
During Labor Negotiations: The compensation, announced during 2023 contract negotiations, fueled union criticism that executives were enriching themselves while resisting worker demands

Tomé and UPS's board have defended her compensation as competitive with peer companies and tied to performance metrics, but critics argue the levels are excessive and exemplify growing income inequality.

Amazon Relationship

Tomé's decision to deliberately reduce UPS's business with Amazon, its largest customer by volume, has been controversial:

Revenue Impact: The strategy meant walking away from billions in revenue
Strategic Risk: Some analysts questioned whether losing Amazon volume would weaken UPS's network density and scale advantages
Profitability Debate: While Tomé argues Amazon business was unprofitable, some industry observers suggest UPS was exiting a relationship that could have been profitable with better pricing discipline

The Amazon strategy represents a high-stakes bet on Tomé's vision that UPS can be more profitable focusing on higher-value customers.

Publicity Stunt Criticism

In 2023, UPS released a video showing Tomé loading packages onto a delivery truck, ostensibly to demonstrate her connection to frontline workers. The video generated backlash:

Union Response: Teamsters members criticized the video as a transparent PR stunt, with one member stating: "We don't need your help. We need AC and a good contract"
Authenticity Questions: Many viewed the video as an inauthentic attempt to appear worker-friendly during contentious labor negotiations
Timing: The video's release during contract talks was seen as tone-deaf

The incident highlighted the challenges CEOs face in demonstrating connection to frontline workers when substantive disagreements exist over wages and working conditions.

1. Leadership Style and Philosophy==

Carol Tomé's leadership style is characterized by several distinctive traits:

Financial Discipline

As a career CFO, Tomé brings exceptional financial rigor to the CEO role. She focuses intensely on return on invested capital, free cash flow, and margin improvement. Her "better not bigger" strategy reflects her belief that profitable growth is more valuable than revenue growth.

Clear Communication

Tomé is known as an exceptionally clear communicator, both internally and with investors. Her communication background and years presenting to Wall Street analysts have made her skilled at distilling complex business strategies into understandable narratives.

Strategic Focus

Tomé emphasizes strategic clarity and focus. Rather than pursuing multiple initiatives simultaneously, she concentrates organizational energy on a small number of strategic priorities. At UPS, her focus on profitability over volume represents a clear strategic choice that guides all other decisions.

Stakeholder Balance

Tomé faces the classic challenge of balancing competing stakeholder interests: shareholders want returns, employees want better wages and conditions, customers want low prices and great service. Her approach tends to prioritize shareholders and customers who value premium service, which creates tension with labor unions representing employees who feel undervalued.

Empowering Leadership

Colleagues describe Tomé as an empowering leader who delegates authority, trusts subordinates, and creates space for others to lead. This contrasts with command-and-control leadership styles more common in operations-focused companies like UPS.

Awards and Recognition

Fortune's Most Powerful Women in Business - Multiple years, including ranking #6 in 2023
Supply Chain Digital's Top 100 Leaders - #1 ranking for 2025
Georgia Trustee - Inducted in 2024 by the Georgia Historical Society
Denver Business Hall of Fame - Recognition from University of Denver
University of Wyoming Distinguished Alumni

Tomé is frequently invited to speak at business conferences, women's leadership events, and industry gatherings. She has been profiled in major business publications including Fortune, Forbes, The Wall Street Journal, and Bloomberg.

Net Worth and Compensation

As of 2024, Carol Tomé's net worth is estimated between $60-80 million. Her wealth derives primarily from:

UPS Compensation: Salary, bonuses, and equity grants as CEO
Home Depot Equity: Stock accumulated during 24 years at The Home Depot
Investments: Personal investment portfolio built over a 40+ year career

UPS Compensation

Tomé's 2023 total compensation as UPS CEO was $23.4 million, consisting of:

Base Salary: Approximately $1.25 million
Performance Bonus: Several million based on financial targets
Equity Grants: Restricted stock units and performance shares comprising majority of compensation
Other Compensation: Benefits, perquisites, and other items

The CEO-to-median worker pay ratio was 436-to-1, meaning Tomé earned 436 times more than the median UPS employee.

Public Perception and Legacy

Carol Tomé is one of the most accomplished female executives in corporate America, having risen to CEO of a Fortune 50 company after a distinguished career as a CFO. Her achievements breaking gender barriers in industries traditionally dominated by men—home improvement retail and package delivery—are significant.

However, her legacy is complicated by ongoing tensions with labor unions representing UPS workers. While investors generally view Tomé favorably for driving profitability and shareholder returns, the Teamsters and worker advocates see her as prioritizing capital over labor.

Her ultimate legacy will depend on whether her "better not bigger" strategy proves sustainable and whether she can find a lasting accommodation with UPS's unionized workforce. If UPS thrives financially while maintaining labor peace, Tomé will be remembered as a transformative leader. If labor relations deteriorate or competitors outperform UPS, her tenure will be viewed more critically.

What is clear is that Tomé has broken barriers for women in corporate leadership, demonstrated exceptional financial acumen, and shown courage in pursuing a strategic vision even when controversial.

References

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