(Reuters) - United Parcel Service ( UPS ) said on Monday that its CFO and Executive Vice President Brian Newman would leave the company on June 1.

UPS will evaluate internal and external candidates to replace Newman, the firm said.

"My near-term priority is to focus on my health," Newman said in a statement.

The largest parcel delivery firm by market capitalization beat analysts' estimates for first-quarter profit in April as cost cuts offset still-soft demand for package delivery.

UPS also won a significant contract with the U.S. Postal Service, replacing rival FedEx as the agency's largest air cargo service provider, it announced in April.