Universal Forest organizes structure around markets rather than geography
Universal Forest Products announced a new organizational structure that is designed to position the Company for accelerated sales and profit growth in the coming years and provide more opportunity for its employees. As of Jan. 1, 2020, the Company will be known as UFP Industries, Inc. The Company will seek to ratify the name change at its April 22, 2020, shareholder meeting. Under the new structure, also effective Jan. 1, 2020, the Company will be organized around the markets it serves rather than geography. Among other benefits, this will allow for a more specialized and consistent sales approach among all Universal companies, more efficient use of resources and capital, and quicker introduction of new products and services. UFP Industries will continue to trade under the ticker symbol UFPI. The company will be organized so that each business segment aligns with the market it currently serves: UFP Retail, UFP Construction and UFP Industrial. These segments will each consist of multiple business units led by entrepreneurial members of the UFP team. Each profit center will have a general manager who will continue to operate his or her facility to enhance customer service, create manufacturing and transportation synergies and improve overall profitability. Each of these three segments currently exceeds $1B in annual revenue. The leaders of these segments will be tasked with doubling sales and profits of their segment over the next 10 years. Those leaders include: Allen Peters, who will become the president and COO of UFP Retail, Patrick Benton, who will become president of UFP Construction, and Scott Worthington, who will become president of UFP Industrial. During a transition period, Pat Webster will maintain his duties as COO of UFPI and will take on COO responsibility for UFP Construction and UFP Industrial. Jonathan West will become executive vice president of Factory Built Housing in the construction segment. Chad Eastin will become executive vice president of ProWood.