UFP Industries $UFPI (+2,96%)
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.
After more than 13 years of transformational leadership and as part of a planned succession strategy Matthew J. MissadChairman and CEO of UFPI, announced that he would be taking on a new role to prepare for the next generation of leadership and usher in a new era of growth for the company. Effective with the start of the new fiscal year on 12/29/2014, Mr. Missad Executive Chairman and William Schwartzthe current President of the company's retail business unit, will become Chief Executive Officer. Chief Financial Officer Michael Cole will assume the title of President of Corporate Services in addition to his current responsibilities to further strengthen the management team.
By the end of 2024 Missad work closely with Schwartz to manage the transition and fill the vacancies created by the promotion. Missad has agreed to remain Executive Chairman until 2026 to support Schwartz in his role as CEO and support him as needed. He will also manage shareholder relations and continue to maintain long-standing customer and supplier relationships.
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 resulted in better alignment with customers, faster decision making and increased focus. Missad also placed greater emphasis on innovation and new products, which increased the company's share of value-added products while dramatically increasing the company's profit margins. Since his appointment as CEO, the company's share price has increased by more than 1500% and the sales have risen from 1.8 billion dollars in 2011 to 7.2 billion dollars in 2023.
Schwartz joined UFP in 1998 as a sales trainee and over the years has held positions of increasing responsibility, including Account Manager, Sales Manager, Regional Sales Manager and Executive Vice President. In 2023, he was appointed President of UFP Retail Solutions, the largest business segment.
UFP Retail Solutions specializes in garden and home products, including brands such as ProWood pressure-treated lumber, Deckorators decking and accessories, and UFP-Edge siding, patterns and trim.