UFP Industries Inc. will transition leadership toward the end of the year as CEO Matthew Missad prepares to step down as part of a long-term succession plan.
Missad, who's served as CEO at the Grand Rapids Township-based UFP Industries for 13 years, will transition to executive chairman Dec. 29. He's been with UFP Industries for more than 40 years, and in February 2023 added chairman duties as part of the succession plan.
William Schwartz, the president of UFP Industries' retail business unit, becomes CEO on Dec. 29, and Chief Financial Officer Michael Cole adds the title of president of corporate services to his duties.
Missad and Schwartz will work together closely during the transition. Missad will serve as executive chairman through 2026 to assist Schwartz "and provide support where needed," including shareholder relations and in long-time customer and vendor relationships, according to an announcement on the transition.
"It's an exciting time to be at UFP because of the opportunities these changes create for our teammates," Missad said in a statement. "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."
UFP Industries is a holding company with $8.6 billion in 2021 sales. Its operating subsidiaries, including UFP Industrial, UFP Construction and UFP Retail Solutions LLC, have 216 facilities. The retail solutions business includes its composite decking division, which in turn includes plastics recycling.
UFP Industries named Missad as CEO in July 2011. Under his leadership, the company made several acquisitions and "made significant changes and improvements, including the creation of a new operating structure based on market segments rather than geography," according to the statement.
UFP Industries' revenues over the 13-year period grew from $1.8 billion in 2011 to $7.2 billion in 2023, and its share price increased more than 1,500 percent.
Schwartz has been with UFP Industries since 1998, starting as a sales trainee and over the years moved into a series of leadership roles that include account manager, sales manager, regional sales director and executive vice president. In 2023, he was named president of UFP Retail Solutions, the company's largest business segment that specializes in decking, yard and home products and at midyear generated $809 million in sales, or more than 42 percent of corporate revenues.
"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," Schwartz 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."
Schwartz "epitomizes a leader who is dedicated to making our company better every day and to maintaining the strong culture that fosters continuous improvement," Missad said. "Under his leadership, UFP will continue to drive shareholder value and create more opportunities for growth and success."
The corporation in July reported $3.54 billion in sales through the first half of 2024 with $247.3 million in net income, or $4 per diluted share.