UFP Technologies, Inc. has announced a leadership transition that will see long‑time CEO R. Jeffrey Bailly retire effective June 4 2026, with President Mitchell Rock stepping into the CEO role and joining the board. Bailly will serve as Executive Chairman for the following year, ensuring continuity of strategic guidance.
Bailly has steered UFP for 31 years, growing revenue 20‑fold and profitability 150‑fold, and transforming the company into a global contract development and manufacturing organization focused on single‑use and single‑patient medical devices. Rock, who has been with UFP for 25 years, has built deep market relationships and a strong track record of operational excellence within the company.
The succession plan signals stability and continuity, preserving UFP’s growth trajectory while leveraging Bailly’s strategic insight. Rock’s deep industry knowledge and relationships are expected to drive further expansion in the MedTech sector, where demand for single‑use devices continues to rise.
In Q3 2025, UFP reported revenue of $154.6 million, up 6.47% year‑over‑year, and earnings per share of $2.39, beating analyst expectations of $2.19 by $0.20. The earnings beat was driven by disciplined cost management and a favorable mix shift toward higher‑margin contract manufacturing for leading medical device customers. Operating margin held at 11.2%, slightly below the 11.7% of the prior year, reflecting modest cost inflation.
Management has guided for continued revenue growth in the next quarter, with expectations of a 6–7% year‑over‑year increase, and has maintained its full‑year guidance. Bailly, as Executive Chairman, will continue to advise on strategic initiatives, while Rock will focus on executing the proven strategy and expanding the company’s footprint in key markets.
"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," said Dan Croteau, Lead Director of the Board. "We thank Jeff for his significant contributions and look forward to his continued impact as Executive Chairman." "I am very proud of this team of nearly 5,000 associates and excited about the future of the company under Mitch Rock’s leadership," said R. Jeffrey Bailly. "Mitch is a natural choice to be UFP’s next CEO, with deep market relationships and a strong track record within the company." "I am honored by the Board’s confidence and committed to continuing to execute our proven strategy to deliver long‑term value for our customers, team members, and shareholders," said Mitchell Rock.
The transition is a planned, smooth succession that preserves UFP’s strategic focus and positions the company for sustained growth in the expanding MedTech market.
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