Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
(b) Departure of Directors or Certain Officers
As previously announced in a Form 8-K filed with the Securities and Exchange Commission (SEC) on June 21, 2011, Universal Forest Products, Inc. (the "Company") accepted the resignation of its Chief Executive Officer, Michael B. Glenn, on June 20, 2011. Mr. Glenn agreed to remain with the Company while the Company's Board of Directors completed an evaluation process to select a new CEO. As disclosed below, the Company has appointed a new CEO effective July 13, 2011, and therefore Mr. Glenn's service as CEO of the Company ended on such date.
(c) Appointment of Certain Officers
Effective July13, 2011, Mr. Matthew J. Missad, age 50, was appointed CEO of the Company. Mr. Missad joined the Company full-time in 1985 and held various positions until his appointment as Executive Vice President, General Counsel, and Secretary to the Board of Directors 1996, which positions he held until his appointment to CEO. Mr. Missad is a cum laude graduate of Thomas M. Cooley Law School and a magna cum laude graduate of Hope College. He earned his CPA Certificate of Examination in 1984.
There is no family relationship between Mr. Missad and any director or executive officer of the Company,and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of SEC Regulation S-K.
The information contained in Item 5.02(e) below pertaining to Mr. Missad is incorporated in this Item 5.02(c) by reference.
(d) Appointment of Directors
In connection with his appointment as CEO of the Company, Mr. Missad was also appointed to the Board of Directors of the Company effective July13, 2011.
There is no arrangement or understanding between Mr. Missad and any other person pursuant to which Mr. Missad was selected as a director, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of SEC Regulation S-K.
The information contained in Item 5.02(e) below pertaining to Mr. Missad is incorporated in this Item 5.02(d) by reference.
(e) Compensatory Arrangements of Certain Officers
In connection with Mr. Missad's appointment as CEO, his base salary was increased to $500,000 per year. In addition, he will be eligible to receive 20% of the corporate business unit bonus poolproratedfor 2011 pursuant and subject to the terms and conditions of the Company's Performance Bonus Plan.
