UFP Industries chairman and CEO Matthew Missad will assume the role of executive chairman, effective Dec. 29. Current president of UFP’s retail business William Schwartz will become CEO. Additionally, chief financial officer Michael Cole will add the title of president of corporate services to his current duties.
“Throughout his career at UFP, Will has been hungry to take on new roles and responsibilities, and he has succeeded at every turn,” Missad said in a prepared statement. “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.”
Missad will work closely with Schwartz for the remainder of 2024 on the transition and to help fill newly created vacancies. Missad will remain as executive chairman through 2026 to assist Schwartz in his role as CEO.
“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 served as the CEO of UFP Industries since July of 2011. The company said its stock price has increased more than 1500% since his appoint as CEO and revenues have grown to $7.2 billion from $1.8 billion.
Schwartz joined UFP in 1998 as a sales trainee and has taken on roles of increasing responsibility, having served as an account manager, a sales manager, a regional sales director, and an executive vice president. He was named president of UFP Retail Solutions in 2023.
“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 his 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.”
