The top leadership at UFP Industries will undergo a change later this year, as Chairman and CEO Matthew Missad transitions out of the role he has held since 2011.
On Dec. 29, the start of the company’s new fiscal year, Will Schwartz will take over as CEO. Schwartz is currently president of UFP’s largest business unit, retail solutions, a position he took on last year.
“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 in a news release. “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.”
As part of the reshuffle, CFO Michael Cole will become president of corporate services in addition to his existing duties. Missad will become executive chairman through 2026, a new role he’s taking to “prepare the next generation of leadership and usher in a new era of growth for the company,” according to the news release.
Schwartz will work closely with Missad for the remainder of this year to prepare for the move to CEO. He will also work to fill vacancies resulting from the promotion.
Schwartz joined UFP in 1998 as a sales trainee. Over the years, he took on positions such as regional sales director and executive vice president. The company said Schwartz has improved transportation and purchasing operations, and he led a restructuring of the retail solutions unit.
Schwartz said in the news release that he’s grateful to Missad, Cole 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.”
UFP is based in Grand Rapids, Michigan, and serves three markets: packaging, retail and construction. The company’s most recent earnings release, on July 30, showed second-quarter net sales of $1.9 billion, a nearly 7% year-over-year decrease. The packaging segment reported net sales of $435 million, down nearly 11% year over year.
