Benjamin McLean
UFP INDUSTRIESAbout Benjamin J. McLean
Benjamin J. McLean, age 48, is an independent director of UFP Industries (UFPI) serving since 2020; he is CEO of Ruan Transportation Management Systems and is designated an SEC “audit committee financial expert.” His background spans logistics leadership (CEO, COO, CIO at Ruan), investment banking (William Blair) and technology consulting (Deloitte Consulting), giving him deep operational, finance, and technology oversight credentials . The board has affirmatively determined McLean is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ruan Transportation Management Systems | Chief Executive Officer | CEO since 2015; joined 2007 | Led one of the largest privately held U.S. logistics firms; prior COO and CIO roles |
| William Blair & Company | Investment banking (M&A, equity offerings) | Prior to 2007 | Capital markets and transactions experience |
| Deloitte Consulting (Chicago) | Technology consulting | Prior to 2007 | Technology and systems advisory background |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Transportation Research Institute | Board member | Not disclosed | Industry research governance |
| Northwestern University Transportation Center | Business Advisory Committee member | Not disclosed | Academic-industry advisory functions |
| Iowa Business Council | Member and prior chair | Not disclosed | Statewide business leadership |
| State of Iowa | Chair, Governor’s Economic Recovery Advisory Board | Not disclosed | Public policy economic recovery oversight |
Board Governance
- Committee assignments: Audit Committee member; Nominating and Corporate Governance Committee member; designated audit committee financial expert .
- Independence: Board determined McLean is independent under Nasdaq standards; no family relationships with executives .
- Attendance: In 2024 the Board met 4 times; except for one director (Merino), all incumbent directors attended at least 80% of Board and applicable committee meetings (McLean included) .
- Committee activity levels: Audit Committee held 4 meetings; Nominating and Corporate Governance held 2 meetings in 2024 .
- Leadership context: Lead Independent Director is Thomas W. Rhodes; committee chairs are Brian C. Walker (Audit), Michael G. Wooldridge (Nominating & Governance), and Thomas W. Rhodes (Personnel & Compensation) .
Fixed Compensation
| Component (Director, 2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | $60,000 | Standard non-employee director retainer |
| Annual stock retainer | $135,000 | Standard non-employee director retainer (stock) |
| Audit Committee member fee | $10,000 | Committee service fee |
| Nominating & Governance member fee | $5,000 (pro-rated) | McLean appointed in 2024; earned $3,750 of the $5,000 annual fee |
| Meeting fees | $0 | No fees payable for meeting attendance |
| McLean total 2024 director compensation | $208,750 | $73,750 cash; $135,000 stock |
- Director Compensation Plan: Independent directors may defer cash/stock retainers; deferred cash is used to purchase company stock at 110% of the deferred cash amount; 2024 participants listed did not include McLean .
- Ownership guideline: Independent directors must own at least 7,500 shares within two years of joining the Board .
Performance Compensation
| Item | Disclosure |
|---|---|
| Performance-based director pay | None disclosed; annual director compensation comprises fixed cash and stock retainers plus committee fees; no director performance metrics reported |
Other Directorships & Interlocks
- Current public company boards: None disclosed for McLean .
- Private/non-profit/academic boards: American Transportation Research Institute; Northwestern University Transportation Center Business Advisory Committee; Iowa Business Council; Iowa Governor’s Economic Recovery Advisory Board .
Expertise & Qualifications
- Audit committee financial expert; deep logistics operations, IT systems, and finance experience (Deloitte Consulting and William Blair) .
- Governance exposure to industry and academic advisory bodies supports board risk oversight and strategy .
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 12,406 | As of Feb 28, 2025 |
| Percent of shares outstanding | ~0.02% | 12,406 of 60,824,418 shares outstanding; computed from cited figures |
| Director Plan holdings | 11,740 | Included within beneficial ownership |
| Ownership guideline compliance | Exceeds 7,500-share minimum | Independent director guideline |
| Anti-hedging/anti-pledging | Hedging/pledging prohibited without prior approval; no approvals to date | Board policy; mitigates alignment risk |
| Section 16 compliance | No delinquent filings noted for McLean | Late filings listed did not include McLean |
Governance Assessment
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Positives:
- Independence affirmed; audit committee financial expert designation enhances financial reporting oversight .
- Strong attendance (≥80%) and active committee participation; relevant operational and technology expertise for supply chain/logistics risk oversight .
- Ownership alignment: holds 12,406 shares and meets/exceeds director ownership guidelines; anti-hedging/anti-pledging policy with no approvals reduces misalignment risks .
- Transparent director compensation (cash/stock retainers and committee fees), no meeting fees that could skew incentives .
-
Potential conflicts / RED FLAGS:
- Related-party transactions with Ruan (company where McLean is CEO): UFPI paid $5,243,087 for services in 2024; reviewed and approved by the Audit Committee; McLean recused and transactions deemed arm’s length/not material to him. This is a recurring interlock to monitor for pricing, scope creep, and independence of oversight .
- Concentration risk: McLean’s executive role in a major logistics firm could present perceived conflicts in vendor selection; mitigant is committee review and formal policy on related-party transactions .
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Additional signals:
- Board structure with Lead Independent Director and majority-independent committees; clear succession and risk oversight processes bolster governance quality .