Ronald J. Lataille
About Ronald J. Lataille
Ronald J. Lataille, age 63, is Senior Vice President, Treasurer, and Chief Financial Officer of UFP Technologies. He has served as CFO since November 1997 and is a former certified public accountant; prior roles include Vice President, Treasurer & CFO (and interim President & CEO) of Little Switzerland, and earlier employment at Coopers & Lybrand . UFP’s pay-versus-performance disclosure shows strong alignment to shareholder value creation: the value of an initial $100 investment rose to $492.67 by 2024, while net income and adjusted operating income increased materially (see table below) . Company fundamentals have scaled: revenues grew from $353.8M in 2022 to $504.4M in 2024, and diluted EPS rose from $5.45 to $7.58 over the same period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UFP Technologies | Senior Vice President, Treasurer & Chief Financial Officer | Nov 1997–present | Long-tenured finance leadership; principal financial officer |
| Little Switzerland, Inc. | VP, Treasurer & CFO; Interim President & CEO | 1991–Oct 1997; Oct 1994–Oct 1995 | Executive leadership including interim CEO responsibilities |
| Coopers & Lybrand | Various roles (former CPA) | 1984–1991 | Public accounting expertise |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external directorships or roles disclosed for Lataille in the proxy |
Fixed Compensation
| Component | FY 2024 | FY 2025 (effective Jan 1, 2025) |
|---|---|---|
| Base Salary ($) | $460,000 | $485,000 |
| All Other Compensation ($) | $36,786 (car allowance, supplemental disability, excess personal liability insurance, 401(k), etc.) | — |
Performance Compensation
Cash Incentive (Annual)
| Metric | Target | Actual | Target Bonus % of Base | Actual Payout ($) |
|---|---|---|---|---|
| Adjusted Operating Income | $66,309,000 | $75,856,022 | 50% (=$230,000 target) | $354,094 |
- Bonus drivers included both company financial performance and individual goals (e.g., regulatory compliance, talent development, operational excellence, ROIC, investor relations) .
Equity Incentives (RSUs)
| Grant (2/6/2024) | Shares (Threshold) | Grant-Date Value (Threshold) | Shares (Target) | Grant-Date Value (Target) | Shares (Exceptional) | Grant-Date Value (Exceptional) |
|---|---|---|---|---|---|---|
| Ronald J. Lataille | 2,185 | $374,500 | 1,093 | $187,250 | 1,092 (96% earned) | $187,250 |
- Vesting schedule: one-third vested on March 1, 2025; one-third on March 1, 2026; one-third on March 1, 2027 (subject to continued employment) .
- Performance conditions: Target (100% AOI goal) and Exceptional (115% AOI goal); for 2024, Target achieved and 96% of Exceptional achieved based on $75.856M AOI vs $66.309M target .
- Additional company practices: equity awards approved by Compensation Committee; grant pricing at closing price on date of grant; no repricing or buyouts of underwater options; anti-hedging, anti-pledging policies; clawback policy adopted under Nasdaq Rule 10D-1 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 43,396 shares; <1% of class (7,706,825 shares outstanding) |
| Unvested Stock Units (12/31/2024) | 10,117 units; market value $2,473,708 at $244.51 close |
| Vesting Roll-Forward | 5,390 vested on 3/1/2025; 3,283 vest on 3/1/2026; 1,444 vest on 3/1/2027 |
| Options (Exercisable/Unexercisable) | None outstanding for Lataille |
| Ownership Guidelines | NEOs to own stock valued at ≥1× base salary within 5 years of appointment |
| Hedging/Pledging | Prohibited (anti-hedging and anti-pledging/margin account policy) |
| Clawback | Policy adopted in compliance with Nasdaq Rule 10D-1 |
- Company-level RSU tax withholding: net-share settlement permitted; 18,152 shares surrendered for tax in 2025 YTD (Q2/Q3 totals) around vest dates—an indicator of periodic supply around March 1 vesting .
Employment Terms
- Appointment and tenure: CFO since November 1997; executive officers serve at Board discretion .
- Severance (change-in-control policy for executives without employment agreements): base salary continuation for 4 months plus 1 month per year of service, capped at 18 months; as of Dec 31, 2024, severance payment for Lataille would be $690,000 .
- Change-of-control equity treatment: RSUs for Lataille become time-vested upon a change-of-control (if employed immediately prior); subject to performance terms; estimated vested equity value $1,950,212 at $244.51 (Dec 31, 2024) .
- Clawback and insider trading: comprehensive clawback and anti-hedging/pledging policies in force .
- Deferred compensation: no executive contributions reported for Lataille in 2024 .
Performance & Track Record
Company TSR and Performance (Pay-vs-Performance disclosure)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Company TSR – Value of $100 investment | $93.93 | $141.62 | $237.60 | $346.70 | $492.67 |
| Peer Group TSR – Value of $100 investment | $99.30 | $106.69 | $92.94 | $96.93 | $117.80 |
| Net Income ($) | $13,368,880 | $15,885,720 | $41,789,243 | $44,923,806 | $58,981,545 |
| Adjusted Operating Income ($) | $16,731,467 | $21,633,199 | $44,463,769 | $61,336,342 | $85,574,421 |
- Long-run equity performance: UFP price change +6,496% over 20 years (Aug 5, 2005 → Aug 5, 2025), far exceeding RUT (+236%) and SPX (+414%) .
- CFO operating commentary: 2025 Q2 call noted limited direct tariff impact (≈$150k paid, passed-through), inflationary raw material effects (~$9M annual estimate, largely passed-through), and short-term margin pressure from labor issues at AJR with expected rebound in Q4; modeled Q3 revenue impact ~$7M and operating income impact ~$2.5M .
Financials (Annual)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 353,792,000 | 400,072,000 | 504,421,000 |
| EBITDA ($) | 56,350,000* | 72,803,000* | 99,276,000* |
| Diluted EPS – Continuing Ops ($) | 5.45 | 5.83 | 7.58 |
- Values retrieved from S&P Global.
Say-on-Pay & Compensation Peer Group
- Say-on-Pay: Over 90% approval at the 2024 annual meeting—Board viewed this as supportive of compensation decisions and policies .
- Peer groups used for benchmarking:
- Aon (2022 study, applied for FY 2024): Accuray, AngioDynamics, Anika Therapeutics, Atrion, Avanos Medical, Artivion (CryoLife), Cutera, DMC Global, Integer, Lantheus, OraSure, Orthofix .
- Pearl Meyer (2024 study, applied for FY 2025): Avanos, AtriCure, Integra LifeSciences, Integer, Glaukos, STAAR Surgical, Orthofix, Haemonetics, Sotera Health, 10X Genomics, Inari Medical, TransMedics, Artivion, CONMED, Novanta, Azenta, iRhythm, OSI Systems, Alphatec .
Compensation Structure Analysis
- Mix and pay-for-performance: CFO’s cash bonus target at 50% of base salary with actual payout exceeding target in 2024 due to AOI outperformance; equity grants include both time-based and performance-linked RSUs with multi-year vesting, reinforcing retention and performance alignment .
- No tax gross-ups and no option repricing/buyouts; anti-hedging/pledging policies strengthen alignment and reduce governance risk .
- Stock ownership guidelines require NEOs to maintain ownership of ≥1× base salary within five years of appointment; individual compliance status for Lataille not disclosed .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; margin accounts disallowed .
- Clawback policy in place under Nasdaq rules .
- Section 16(a) compliance: all insider ownership reports were timely for 2024 .
- Related-party: limited (CEO’s brother compensation disclosed; no issues related to CFO) .
Insider transactions: attempted to fetch Form 4 activity for “Ronald Lataille” using insider-trades skill, but API access returned 401 Unauthorized; therefore, recent Form 4 selling/buying data could not be included. Company-level RSU tax share surrenders provide mechanical supply signals around vest dates (e.g., March 1) .
Investment Implications
- Alignment is solid: CFO’s incentives are tied to Adjusted Operating Income and performance-based RSUs with multi-year vesting; anti-hedging/pledging and clawback policies reduce governance risk .
- Retention: Significant unvested RSUs (10,117 units at YE 2024 with scheduled vesting through 2027) and robust historical equity value creation suggest strong retention incentives; change-of-control terms include single-trigger vesting of RSUs, which is shareholder-sensitive but common in mid-cap medtech .
- Trading signals: Expect periodic supply around March 1 due to RSU vesting and net-share tax settlements; company disclosed 18,152 shares surrendered for tax YTD 2025, implying predictable settlement flows .
- Execution track record: Revenue and EPS growth, rising AOI, and multi-year TSR outperformance support pay-for-performance; near-term margin pressures (labor at AJR) were flagged and quantified by CFO with expectation of Q4 rebound .