UFP Industries Appoints New CFO, Michael D. Smith
Ticker: UFPI · Form: 8-K · Filed: Aug 27, 2024 · CIK: 912767
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: UFPI
TL;DR
UFP Industries gets a new CFO, Michael D. Smith, starting Sept 3rd with a $425k salary + stock.
AI Summary
UFP Industries, Inc. announced on August 27, 2024, the appointment of Michael D. Smith as Chief Financial Officer, effective September 3, 2024. Smith will receive an annual base salary of $425,000 and will be eligible for the company's annual incentive plan. He will also be granted 10,000 restricted stock units vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $425,000 — CFO Annual Salary (Represents the base compensation for the newly appointed Chief Financial Officer.)
- 10,000 — Restricted Stock Units (Awarded to the new CFO, vesting over three years, aligning their interests with long-term company performance.)
Key Players & Entities
- UFP Industries, Inc. (company) — Registrant
- Michael D. Smith (person) — Appointed Chief Financial Officer
- $425,000 (dollar_amount) — Annual base salary for new CFO
- 10,000 (dollar_amount) — Restricted stock units granted to new CFO
- September 3, 2024 (date) — Effective date for new CFO
- August 27, 2024 (date) — Date of report
FAQ
Who has been appointed as the new Chief Financial Officer of UFP Industries, Inc.?
Michael D. Smith has been appointed as the new Chief Financial Officer of UFP Industries, Inc.
When is Michael D. Smith's appointment as CFO effective?
Michael D. Smith's appointment as CFO is effective September 3, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael D. Smith is $425,000.
What equity compensation is the new CFO receiving?
The new CFO, Michael D. Smith, will be granted 10,000 restricted stock units vesting over three years.
What other compensation is the new CFO eligible for?
Michael D. Smith will be eligible for UFP Industries' annual incentive plan.
Filing Stats: 894 words · 4 min read · ~3 pages · Grade level 10.2 · Accepted 2024-08-27 16:14:51
Key Financial Figures
- $600,000 — Schwartz's base salary will increase to $600,000 per year and his participation level in
- $500,000 — 2024, Mr. Missad's base salary will be $500,000 per year, and his participation level i
Filing Documents
- ufpi-20240826x8k.htm (8-K) — 47KB
- ufpi-20240826xex99d1.htm (EX-99.1) — 16KB
- ufpi-20240826xex99d1001.jpg (GRAPHIC) — 10KB
- 0000912767-24-000028.txt ( ) — 199KB
- ufpi-20240826.xsd (EX-101.SCH) — 3KB
- ufpi-20240826_lab.xml (EX-101.LAB) — 15KB
- ufpi-20240826_pre.xml (EX-101.PRE) — 10KB
- ufpi-20240826x8k_htm.xml (XML) — 5KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On August 27, 2024, the Company issued a press release announcing the management changes described in Item 5.02 of this report. A copy of the press release covering such announcement is attached as Exhibit 99.1 to this report and is incorporated here by reference. The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
01 Exhibits
Item 9.01 Exhibits Exhibits . 99.1 Press Release of UFP Industries, Inc. dated August 27, 2024. 104 Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document). 2 EXHIBIT INDEX Exhibit Number Document 99.1 Press Release of UFP Industries, Inc. dated August 27, 2024. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UFP INDUSTRIES, INC. (Registrant) Dated: August 27, 2024 By: /s/ Michael R. Cole Michael R. Cole Principal Financial Officer and Treasurer 4