UFP Industries, Inc. has announced a significant change in its leadership as CEO Matthew J. Missad prepares to move to the role of executive chairman, effective December 29, 2024. William "Will" Schwartz, the current president of the company's retail business unit, will take over as the new Chief Executive Officer.
Under Missad's tenure as CEO since July 2011, the company has undergone notable transformations, including the establishment of a new operating structure based on market segments instead of geography. This shift has led to better alignment with customers, faster decision-making, and increased focus. Additionally, there has been a heightened emphasis on innovation and the introduction of new products, resulting in a greater percentage of value-added products and significant expansion in profit margins.
During Missad's leadership, the company's stock price has surged by over 1500%, and revenues have experienced substantial growth from $1.8 billion in 2011 to $7.2 billion in 2023.
William Schwartz, who joined UFP in 1998, has progressed through various roles within the company, culminating in his appointment as president of UFP Retail Solutions in 2023. His track record includes successfully overseeing the company's transportation and purchasing operations, leading a significant restructuring of UFP Retail Solutions, and enhancing its market presence.
Following the announcement, Missad expressed confidence in the next generation of leadership, emphasizing the company's commitment to sustained growth, maintaining a culture of respect and opportunity, and delivering value to shareholders.
Schwartz, in response to his new role, expressed gratitude for the trust placed in him by the board and the leadership team, emphasizing his eagerness to work with the company's dedicated and innovative workforce to drive further success at UFP Industries.
UFP Industries, Inc. is a holding company with operating subsidiaries engaged in the manufacturing, distribution, and sale of value-added products used in residential and commercial construction, packaging, and other industrial applications worldwide. The company is headquartered in Grand Rapids, Michigan, and is ranked #493 on the Fortune 500. The market has reacted to these announcements by moving the company's shares -2.5% to a price of $121.44. For more information, read the company's full 8-K submission here.
