After more than 13 years of transformational leadership and as
part of a planned succession strategy, UFP Industries Chairman and
CEO Matthew J. Missad announced he will take on a new role to
prepare the next generation of leadership and usher in a new era of
growth for the company. On December 29, 2024, the start of the new
fiscal year, Missad will become executive chairman and William
“Will” Schwartz, current president of the company’s retail business
unit, will become the Chief Executive Officer. Chief Financial
Officer Michael Cole will add the title of President of Corporate
Services to his current duties to further strengthen the management
team.
“Throughout his impressive career at UFP, Will has been hungry
to take on new roles and responsibilities, and he has succeeded at
every turn,” Missad said. “He has earned a reputation as an
effective, creative leader who makes the businesses and people he
manages better. He is the right person to lead us into the next
decade and beyond. I’m excited for him, for the people of UFP, and
for our customers, vendors and shareholders.”
For the remainder of 2024, Missad will work closely with
Schwartz on the transition and on filling newly created vacancies
that result from the promotion. Missad has agreed to remain
executive chairman through 2026 to assist Schwartz in his role as
CEO and provide support where needed. He also will assist with
shareholder relations while continuing to nurture longtime customer
and vendor relationships.
“It’s an exciting time to be at UFP because of the opportunities
these changes create for our teammates,” Missad said. “Our
succession planning process has created an excellent group of
leaders, and I am confident that this new team of experienced
executives will achieve even greater success.”
Missad has been CEO since July 2011. Under his leadership the
company has made significant changes and improvements, including
the creation of a new operating structure based on market segments
rather than geography. This change has generated better alignment
with customers, quicker decision making and greater focus. Missad
also placed a greater emphasis on innovation and new products that
increased the company’s percentage of value-added products while
dramatically expanding the company’s profit margins. Since his
appointment as CEO, the company’s stock price increased more than
1500% and revenues have grown from $1.8 billion in 2011 to $7.2
billion in 2023.
“I have had the great honor of spending my entire career at UFP,
working with some of the best people in the industry,” Missad said.
“My goals are to make sure that the company remains on a path of
growth, maintains a culture of respect and opportunity, and that
all of us as shareholders see our investment continue to grow. With
Will at the helm, with the next generation of skilled leaders, and
with the best workforce in the business, I am confident all of that
will happen.”
Schwartz joined UFP in 1998 as a sales trainee and took roles of
increasing responsibility over the years including account manager,
sales manager, regional sales director and executive vice
president. In 2023, he was named president of UFP Retail Solutions,
our largest business segment. UFP Retail Solutions specializes in
yard and home products, including brands such as ProWood
pressure-treated lumber, Deckorators decking and accessories, and
UFP-Edge siding, pattern and trim.
Schwartz has a history of successfully taking on new challenges.
When he was asked to oversee the company’s transportation and
purchasing operations, he improved their effectiveness and enhanced
efficiencies. He led a significant restructuring of UFP Retail
Solutions, enhancing its offerings, growing its reach to consumers
by bolstering its marketing and sales functions, and has grown the
company’s brand names in the marketplace.
“I’m honored and humbled by this opportunity, and I’m eager to
work with teammates known for their drive, determination, and
innovation to maintain and grow success at UFP Industries,” Will
said. “I’m grateful to Matt for taking on a role that will help
guide the team and create a strong, seamless transition, to Mike
for the new role he is taking on to further strengthen the team,
and to both of them and the board for the trust they are placing in
me and the leadership team to take UFP to new levels of value
creation. We’re ready and excited for the opportunity.”
“Will epitomizes a leader who is dedicated to making our company
better every day and to maintaining the strong culture that fosters
continuous improvement,” Missad added. “His energy and ability to
think critically and the respect he has earned in the company and
the industry make him the best person to lead us. Under his
leadership, UFP will continue to drive shareholder value and create
more opportunities for growth and success.”
UFP Industries, Inc.
UFP Industries, Inc. is a holding company whose operating
subsidiaries – UFP Packaging, UFP Construction and UFP Retail
Solutions – manufacture, distribute and sell a wide variety of
value-added products used in residential and commercial
construction, packaging and other industrial applications
worldwide. Founded in 1955, the company is headquartered in Grand
Rapids, Mich., with affiliates in North America, Europe, Asia and
Australia. UFP Industries is ranked #493 on the Fortune 500 and
#128 on Industry Week’s list of America’s Largest Manufacturers.
For more about UFP Industries, go to www.ufpi.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act, as
amended, that are based on management’s beliefs, assumptions,
current expectations, estimates and projections about the markets
we serve, the economy and the Company itself. Words like
“anticipates,” “believes,” “confident,” “estimates,” “expects,”
“forecasts,” “likely,” “plans,” “projects,” “should,” variations of
such words, and similar expressions identify such forward-looking
statements. These statements do not guarantee future performance
and involve certain risks, uncertainties and assumptions that are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. The Company does not undertake to update
forward-looking statements to reflect facts, circumstances, events,
or assumptions that occur after the date the forward-looking
statements are made. Actual results could differ materially from
those included in such forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty. Among the factors that could cause actual results to
differ materially from forward-looking statements are the
following: fluctuations in the price of lumber; adverse or unusual
weather conditions; adverse economic conditions in the markets we
serve; government regulations, particularly involving environmental
and safety regulations; and our ability to make successful business
acquisitions. Certain of these risk factors as well as other risk
factors and additional information are included in the Company's
reports on Form 10-K and 10-Q on file with the Securities and
Exchange Commission.
Non-GAAP Financial Information
This release includes certain financial information not prepared
in accordance with U.S. GAAP. Because not all companies calculate
non-GAAP financial information identically (or at all), the
presentations herein may not be comparable to other similarly
titled measures used by other companies. Management uses Adjusted
EBITDA, a non-GAAP financial measure, in order to evaluate
historical and ongoing operations. Management believes that this
non-GAAP financial measure is useful in order to enable investors
to perform meaningful comparisons of historical and current
performance. Adjusted EBITDA is intended to supplement and should
be read together with the financial results. Adjusted EBITDA should
not be considered an alternative or substitute for, and should not
be considered superior to, the reported financial results.
Accordingly, users of this financial information should not place
undue reliance on the non-GAAP financial measure.
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version on businesswire.com: https://www.businesswire.com/news/home/20240827851992/en/
Dick Gauthier VP of Investor Relations (616) 365-1555
UFP Industries (NASDAQ:UFPI)
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