Mary Tuuk Kuras
UFP INDUSTRIESAbout Mary Tuuk Kuras
Independent director at UFP Industries since 2014; age 60. Former President & CEO of the Grand Rapids Symphony (2019–2022), with 33 years of executive experience across banking and retail; currently CEO of MTK Practical Leadership. Designated audit committee financial expert and determined independent under Nasdaq rules; brings deep expertise in enterprise risk management, compliance, governance, legal affairs, strategic planning, and crisis management. Director since 2014; service includes Audit and Nominating & Corporate Governance committees.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Grand Rapids Symphony | President & CEO | Jan 2019 – Dec 31, 2022 | Led a major cultural organization; retired end of 2022. |
| Meijer, Inc. | Chief Compliance Officer; SVP, Properties & Real Estate | Prior to 2019 (dates not specified) | Oversight of compliance, properties/real estate; corporate sustainability. |
| Fifth Third Bancorp | EVP Corporate Services; Board Secretary; EVP & Chief Risk Officer; President, Fifth Third Bank (Western Michigan) | Prior to Meijer (dates not specified) | Led growth and strategic direction of major lines of business; recognized “25 Women to Watch in Banking” (2008–2014). |
| MTK Practical Leadership | CEO | Current | Executive leadership training based on real-life situations. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Western Alliance Bancorporation | Director | Current | Regional bank >$80B in assets; board-level financial oversight; committees not disclosed. |
| Chorus America | Director | Current | Non-profit arts board governance. |
Board Governance
- Committee memberships: Audit Committee; Nominating & Corporate Governance Committee; both fully independent.
- Chair roles: None; Audit Committee chaired by Brian C. Walker; Nominating & Corporate Governance chaired by Michael G. Wooldridge; Personnel & Compensation chaired by Thomas W. Rhodes.
- Independence: Board affirmed Mary Tuuk Kuras is independent under Nasdaq standards and an audit committee financial expert.
- Attendance and engagement: Board met 4 times in 2024; Audit met 4; Nominating & Corporate Governance met 2. All incumbent directors except Bruce A. Merino attended ≥80% of aggregate board/committee meetings; eight of nine directors attended the 2024 annual meeting.
- Lead Independent Director: Thomas W. Rhodes; chairs executive sessions of independent directors.
- Anti-hedging/pledging policy: Directors prohibited from hedging or pledging company stock without prior approval; no approvals made to date.
Fixed Compensation (Director)
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $60,000 | Standard non-employee director cash retainer. |
| Audit Committee membership fee | $10,000 | Member-level fee. |
| Nominating & Corporate Governance membership fee | $5,000 | Member-level fee. |
| Total cash fees (2024) | $75,000 | Sum of cash components. |
| Annual stock retainer | $135,000 | Equity retainer; payable quarterly; deferrable under Director Plan. |
| Total compensation (2024) | $210,000 | Cash plus stock awards. |
| Meeting fees | $0 | No per-meeting fees. |
| Director Plan features | N/A | Cash deferrals purchase stock at 110% credit; Mary not listed among 2024 participants. |
- Compensation mix: Equity 64.3% ($135k) vs cash 35.7% ($75k), supporting ownership alignment.
Performance Compensation
| Performance Metric | Disclosed for Directors? | Details |
|---|---|---|
| Any performance-linked metrics for director pay | Not disclosed | Proxy outlines fixed retainers and committee fees; no performance metrics for director compensation. |
Other Directorships & Interlocks
| Company | Type | Potential Interlocks/Conflicts |
|---|---|---|
| Western Alliance Bancorporation | Public company | Banking relationship with UFPI not disclosed; no related-party transactions disclosed for Mary. |
| Chorus America | Non-profit | No conflicts disclosed. |
- Related-party transactions: 2024 transactions disclosed with Ruan (director Benjamin McLean’s employer); none disclosed involving Mary.
Expertise & Qualifications
- Audit committee financial expert; extensive background in risk, compliance, governance, legal affairs, regulatory and governmental affairs, strategic planning, properties/real estate, sustainability, operational leadership, and crisis management.
- Recognized by American Banker as “25 Women to Watch in Banking” (2008–2014).
Equity Ownership
| Item | Amount |
|---|---|
| Beneficial ownership (as of Feb 28, 2025) | 36,036 shares; less than 1% of outstanding. |
| Shares outstanding (Record Date) | 60,824,418 shares. |
| Ownership as % of outstanding | ~0.059% (36,036 / 60,824,418). |
| Director Plan holdings | 7,797 shares held in Director Plan (included in beneficial ownership). |
| Stock ownership guideline | Independent directors required to own 7,500 shares within two years. |
| Compliance status | Exceeds guideline with 36,036 shares. |
| Hedging/Pledging | Prohibited without prior approval; no approvals made. |
Insider Trades
| Item | Disclosure |
|---|---|
| Section 16(a) filing compliance | Company reported certain late filings in 2024 for other insiders; no delinquencies noted for Mary. |
Governance Assessment
- Strengths: Independent director, audit committee financial expert; meaningful tenure since 2014; committee service on Audit and Nominating & Corporate Governance; strong ownership alignment (36,036 shares, above 7,500 guideline); equity-heavy director pay structure; anti-hedging/pledging policy with no exceptions; no related-party transactions or Section 16(a) delinquencies involving Mary.
- Potential watch items: External public company directorship at a regional bank (Western Alliance) necessitates ongoing monitoring for any UFPI banking relationships; none disclosed to date.
- Board effectiveness signals: ≥80% attendance standard met by all incumbent directors except one (not Mary); leadership structure includes Lead Independent Director with executive sessions; active committee oversight of risk, governance, and ESG.
Overall investor confidence implications: Mary’s risk/compliance pedigree and audit expertise support strong board oversight, with alignment reinforced by above-guideline ownership and equity retainer; absence of conflicts and hedging/pledging approvals reduces governance risk.