UFP Industries, Inc. has filed a current report announcing the retirement of Matthew J. Missad, who has served as Executive Chairman of the company since December 29, 2024. Mr. Missad, who previously served as Chief Executive Officer from 2011 until his transition to Executive Chairman, will retire from his employment with the company on December 31, 2026. Following this date, Mr. Missad will remain on the Board of Directors as Chairman.
The company disclosed that Mr. Missad will receive retirement benefits totaling $5.0 million, payable over three years. These payments are scheduled to be made on or about July 1, 2027, 2028, and 2029. The agreement also includes continued vesting of restricted stock granted to Mr. Missad, eligibility for a 2026 performance bonus, COBRA benefits, and reimbursement for unreimbursed business expenses incurred prior to his retirement date.
The retirement package is subject to Mr. Missad signing a general release of claims and adhering to restrictive covenants, including a three-year non-compete agreement that prohibits him from engaging in competitive business activities through December 31, 2029. The company noted that this benefit amount is below the maximum range of benefits discussed during his tenure as CEO.
In other company news, the Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock. This dividend represents a 3% increase over the 2025 dividend rate. The dividend is payable on December 15, 2026, to shareholders of record as of December 1, 2026.
