UFP Technologies Announces CEO Succession Plan

Rhea-AI Summary

UFP Technologies (Nasdaq: UFPT) announced a planned CEO succession: R. Jeffrey Bailly will retire as CEO at the company’s next annual meeting on June 4, 2026. At that time, President Mitchell Rock will become CEO and join the Board, while Bailly will serve as Executive Chairman for one year to facilitate the transition.

The release notes Bailly’s 31-year tenure, company expansion to operations in five countries, a workforce of nearly 5,000 associates, and historical growth of about 20-fold revenue and >150-fold profitability and market capitalization under his leadership.

Positive

• Succession date set for June 4, 2026
• Internal promotion: President Mitch Rock to become CEO and join the Board
• Transition plan includes Bailly as Executive Chairman for one year
• Scale: operations in five countries and nearly 5,000 associates
• Historical growth: ~20-fold revenue increase during Bailly’s tenure

Negative

• Leadership change after a 31-year CEO tenure could disrupt operations during transition

Insights

Corporate Governance Analyst

Planned internal CEO succession on June 4, 2026 with founder retiring and President promoted; transition appears orderly and governance-focused.

UFP Technologies will move its long-serving CEO, R. Jeffrey Bailly, to Executive Chairman when he retires at the next annual meeting on June 4, 2026, and will install President Mitchell Rock as CEO and board member. The company signals continuity by promoting an internal successor who has worked closely with the current CEO for 25 years and by retaining the outgoing CEO for one year as Executive Chairman to support the handover.

Dependencies and risks center on execution of the handover and leadership continuity. The plan reduces integration risk since the successor is internal and familiar with customers and vendors, but the real test will be whether operational and strategic execution remain stable after June 4, 2026. Watch for leadership retention among key executives and any changes in strategy or guidance within the first year of the transition.

Concrete items to monitor include formal confirmation of the board appointment on June 4, 2026, any changes to senior management reporting lines, and the company’s public commentary on near-term operational goals over the following year while Mr. Bailly serves as Executive Chairman.

NEWBURYPORT, Mass., Dec. 02, 2025 (GLOBE NEWSWIRE) -- UFP Technologies, Inc. (Nasdaq: UFPT), a contract development and manufacturing organization that specializes in single-use and single-patient medical devices, today announced that R. Jeffrey Bailly will retire as CEO at the Company’s next annual meeting on June 4, 2026. At that time, Mitchell Rock, President of the Company, will assume the CEO position and join the Company’s Board. To facilitate a smooth transition, Mr. Bailly will serve as Executive Chairman of the Board for the following year.

“Serving as CEO for 31 years, Jeff has been an extremely effective leader who, together with his team, transitioned the company to a leading global contract development and manufacturing organization focused on medical markets, with locations in five countries,” said Dan Croteau, Lead Director of the Board. “During Jeff’s tenure, the Company’s revenue grew approximately 20-fold, and profitability and market capitalization grew more than 150-fold. We thank Jeff for his significant contributions, wish him all the best in his retirement, and look forward to his continued impact as Executive Chairman.”

“It has been my honor to lead the exceptional, innovative, and customer-focused team at UFP Technologies, whose dedication, hard work, and can-do attitude have made it the success it is today,” said Bailly. “I am extremely proud of this team of nearly 5,000 associates and all they have done, and continue to do, to make our customers successful. I am very grateful to all of them and to our Board of Directors. I am also very excited about the future of the company under Mitch Rock’s leadership. He has been a strategic partner for 25 years and is a very capable leader who is well-respected throughout our industry. With his deep understanding of the markets we serve, his strong relationships with our key customers and vendor partners, and the trust and respect of his co-workers, Mitch is the natural choice to be UFP’s next CEO.”

“I’m honored by the Board’s confidence and grateful for Jeff’s leadership and mentorship over many years,” said Mitch Rock, President. “As he transitions to Executive Chairman, I look forward to continuing our close partnership and building on our strong foundation. UFP Technologies has highly talented people, trusted customer relationships, and many exciting market opportunities. I’m committed to continuing to execute our proven strategy to deliver long-term value for our customers, team members, and shareholders.”

About UFP Technologies, Inc.

UFP Technologies is a contract development and manufacturing organization that specializes in single-use and single-patient medical devices. UFP is a vital link in the medical device supply chain and a valued outsourcing partner to many of the world's top medical device manufacturers. The Company’s single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants.

Contact: Ron Lataille
978-234-0926, rlataille@ufpt.com

FAQ

When will R. Jeffrey Bailly step down as CEO of UFP Technologies (UFPT)?

Bailly will retire as CEO at the annual meeting on June 4, 2026.

Who will become CEO of UFP Technologies (UFPT) after June 4, 2026?

Mitchell Rock, currently President, will assume the CEO role and join the Board.

Will R. Jeffrey Bailly remain with UFP Technologies (UFPT) after retiring as CEO?

Yes; Bailly will serve as Executive Chairman of the Board for one year to facilitate the transition.

How long did Jeff Bailly serve as CEO before announcing retirement from UFP Technologies (UFPT)?

Bailly served as CEO for 31 years.

What scale and historical growth did UFP Technologies (UFPT) cite in the succession announcement?

The company cited operations in five countries, nearly 5,000 associates, ~20-fold revenue growth and >150-fold profitability and market-cap growth during Bailly’s tenure.

Will the CEO change at UFP Technologies (UFPT) require a Board appointment?

Yes; the incoming CEO, Mitchell Rock, will also join the Company’s Board when he assumes the role.