Glenn is leaving Universal Forest Products
Universal Forest Products Inc. CEO Michael Glenn is stepping down; the company’s board of directors accepted his resignation last week.
Glenn is leaving the post he has held since 2006 for health reasons, although he didn’t specify what those reasons were. However, he did say that the past five years have been the most difficult in UFPI’s 56 years of being in business, and that he was proud of how the company performed during that tough economic period.
“I’m proud we were able to generate cash flow, pay off more than $320 million of debt, and remain profitable at a time when others in our industry were struggling to survive. I’m proud of our continuous improvement efforts that have made our operations best in class. I’m proud of the team we’ve built and the successes we’ve had despite unprecedented challenges, and I’m confident in leaving the work in their hands. They’re the best team in the business,” Glenn said in a statement.
He added that having to close and consolidate nearly 30 operations and release thousands of workers over the past five years have taken a toll on his health. “For the sake of my family and of my health, I decided it was time to turn over the reins to new leadership, who will build on Universal’s strengths and prepare for future opportunity,” he said.
The company’s board is going through an evaluation of potential candidates to replace Glenn, who will stay on until the process is completed. A timeline to pick a successor wasn’t revealed.
“His focus on operations during challenging economic times helped us enhance efficiencies when that was a critical strategy for survival and success,” said Chairman William Currie. “Mike has led the company skillfully through difficult times. His contributions have been significant,” added Dan Dutton, the board’s lead independent director.
UFPI is a holding company that provides capital, management and administrative resources to subsidiaries that design, manufacture and market wood and wood-alternative products for do-it-yourself retail home centers and other retailers, structural lumber products for the manufactured housing industry, engineered wood components for the site-built construction market, and specialty wood packaging and components for various industries.
The firm was founded in 1955 and has its headquarters in Grand Rapids.