Grand Rapids, Mich.-based Universal Forest Products has announced that CEO Michael Glenn is retiring due to health reasons and to make way for new leadership to "build on Universal's strengths and prepare for future opportunity." The board of directors is currently in the process of evaluating candidates for the position. Glenn, who was appointed CEO in 2006, has agreed to stay on until a new CEO is named.
"I'm proud of what we've been able to accomplish in the toughest years in our 56-year history," said Glenn, who has been with the company for 37 years. "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.
"But closing or consolidating nearly 30 operations and cutting thousands of employees as we implemented strategies to carry us into the future have taken a toll," he added, "and for the sake of my family and of my health, I decided it was time to hand over the reins to new leadership, who will build on Universal's strengths and prepare for future opportunity."
Chairman William Currie said: “The board thanks Mike for his many contributions to Universal. He created success in plants, regions and divisions in his long career at Universal.”