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NEWBURYPORT, MA – UFP Technologies Inc. (NASDAQ:UFPT), a company specializing in surgical and medical instruments with a market capitalization of $1.65 billion, has announced the departure of Steve Cardin, the Vice President and Chief Operating Officer of its MedTech business. According to a recent SEC filing, Mr. Cardin tendered his resignation on March 15, 2025, and will officially leave the company on March 28, 2025. The news comes as the company’s stock trades near its 52-week low of $200.15, according to InvestingPro data.
The filing did not disclose the reasons for Mr. Cardin’s resignation or any details regarding a successor or interim COO for the MedTech business segment. UFP Technologies has not made any additional comments on how Mr. Cardin’s departure might affect the company’s operations or strategic direction.
Steve Cardin has been serving as the Vice President and Chief Operating Officer for the MedTech division, a role that typically involves overseeing day-to-day operations and contributing to long-term strategic planning. The impact of his resignation on the company’s performance and the MedTech business unit’s future initiatives remains to be seen, though InvestingPro data shows the company maintains strong fundamentals with revenue growth of 26% and an overall financial health score of "GREAT." InvestingPro subscribers have access to 10 additional key insights about UFPT’s financial position.
UFP Technologies, headquartered in Newburyport, Massachusetts, operates within the healthcare sector, which is known for its stringent regulatory environment and rapid technological advancements. The company’s leadership and operational effectiveness are crucial for maintaining its competitive edge and compliance within this dynamic industry. With a current P/E ratio of 27.84 and analysts forecasting earnings per share of $9.27 for fiscal year 2025, the company maintains a solid financial position despite recent market challenges.
The information about this organizational change comes directly from the company’s Form 8-K filing with the Securities and Exchange Commission, which serves as a source of factual data for this report. The document provides a transparent account of corporate events that are considered significant to shareholders and the investing public.
As the market responds to this news, stakeholders will be looking to UFP Technologies for further announcements regarding leadership transitions and any potential impact on the company’s strategic goals. The company’s business address is 100 Hale Street, Newburyport, MA 01950, and the business phone number is 978-352-2200.
In other recent news, UFP Technologies announced significant changes to its executive compensation structure. The company’s Chief Executive Officer, R. Jeffrey Bailly, will see his base salary increase to $789,000, while President Mitchell C. Rock and Senior Vice President, Treasurer, and Chief Financial Officer Ronald J. Lataille will receive increases to $525,000 and $485,000, respectively. These adjustments are set to take effect on January 1, 2025. Additionally, the Compensation Committee has approved stock unit awards for the executive officers, contingent on meeting certain financial performance objectives. The stock units, which vest over a three-year period starting March 1, 2026, include 11,515 "Threshold" stock units, 5,758 " Target (NYSE:TGT)" stock units, and 5,758 "Exceptional" stock units for CEO Bailly. Alongside these changes, Mr. Bailly is eligible for a 2025 cash bonus plan with a target bonus of $828,450, potentially doubling based on performance targets. Other executives will have cash bonus plans with targets ranging from 40% to 65% of their base salaries. These developments reflect UFP Technologies’ strategy to align executive incentives with the company’s financial success.
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