When you think about the corporate machinery that keeps a global agri-products giant like Universal Corporation humming, you probably don't immediately think of a guy who used to run the numbers for a pizza delivery empire. But that's exactly the kind of cross-industry expertise Michael T. Lawton brought to the table. For nearly a decade, his name was a fixture on the board, but the era of Michael T. Lawton at Universal Corporation officially reached its final chapter just recently.
In May 2025, the company dropped the news: Lawton was stepping down. After nine years of steering the ship from the boardroom, he decided not to stand for re-election at the August 2025 annual meeting. Honestly, it marks a bigger shift for the Richmond-based company than the dry SEC filings might suggest.
The Domino's Connection and the Audit Desk
Before he was helping oversee global tobacco and plant-based ingredient supply chains, Lawton was the Executive Vice President and CFO of Domino’s Pizza, Inc. He wasn't just some guy in a green eyeshade. He’d actually run their international division and even stepped in as interim CIO.
That "utility player" energy is precisely why Universal Corporation wanted him back in 2016.
When he joined the board, Universal was at a bit of a crossroads. They needed someone who understood the gritty reality of supply chains but could also handle the high-level financial gymnastics required of a massive B2B player. Lawton took the lead on the Audit Committee, which is basically the "guard dog" of a public company’s finances. He wasn't there to just nod and smile; he was there to make sure the math actually worked.
Why his departure matters right now
You might wonder why a board member leaving is such a big deal. Most people just ignore the "Director" section of an annual report.
But look at the timing. Universal has been aggressively pushing into their "Ingredients Operations" segment. They aren't just the "tobacco people" anymore. They are diversifying into fruit and vegetable extracts and botanical ingredients. Lawton was a key part of the governance team that greenlit this pivot. He saw the company go from a legacy leaf tobacco dealer to a modern agri-products servicer.
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The Numbers Game: Compensation and Commitment
If you dig into the 2024 proxy statements, you’ll see Lawton was pulling in about $249,634 in total compensation. Roughly $117,000 of that was cash, with the rest coming in equity.
It’s a healthy paycheck.
But it’s also a lot of responsibility. During his tenure, the company had to navigate some seriously weird economic cycles—pandemic-induced supply chain meltdowns, shifting global trade policies, and the massive push toward ESG (Environmental, Social, and Governance) standards.
- Audit Leadership: He didn't just sit on the committee; he led it.
- Strategic Shift: He helped oversee the creation of the Ingredients Operations segment.
- Governance: He served as an "independent" voice, which in corporate-speak means he didn't have any messy side deals with the company.
Replacing a veteran isn't easy
The board has already tapped Fay Manolios to fill the gap. She’s coming in with a heavy background in HR and strategy from places like Capital One. It’s a smart move, but it’s a different vibe. Lawton was a "numbers and ops" guy. Manolios is a "strategy and people" person.
This shift tells us a lot about where Universal thinks it needs to grow next. They’ve built the infrastructure; now they need to optimize the talent and the long-term strategic execution.
The "Retirement" that isn't really a retirement
Let's be real: guys like Lawton don't just disappear. Even though he’s finished his stint with Michael T. Lawton at Universal Corporation, he’s still been active elsewhere, including the board at La-Z-Boy Incorporated. In fact, he’s served as the non-executive Chair of the Board there.
He’s a professional director. That’s his craft.
For Universal, his exit means they lose a decade of institutional memory. He knew where the bodies were buried—financially speaking. He understood the risk profile of the company's various global regions in a way a newcomer just won't for a few years.
What should investors and observers take away?
- Stability is the priority. The transition seems incredibly smooth. There’s no drama, no "disagreements with the board" mentioned in the filings. Just a veteran executive moving on after nearly ten years.
- Diversification is permanent. Lawton’s parting comments specifically highlighted the success of the Ingredients Operations segment. This isn't a side project anymore; it's the future of the company.
- Governance is tightening. With the addition of someone like Manolios, expect to see more focus on corporate culture and strategic human capital.
If you're following the company's trajectory, don't just look at the stock price. Look at the board composition. The era of Lawton was defined by financial discipline and the initial "big pivot." The next era will be about making those new bets pay off consistently.
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Keep an eye on the next few quarterly earnings calls. Management usually gives a nod to departing directors, but the real tell will be in how the new Audit Committee chair handles the oversight of the growing ingredients business. That's where the real complexity—and the real risk—now lives.
Next Steps for Tracking Universal's Leadership:
Check the company’s 2025 Annual Meeting of Shareholders results (usually released in August) to see the final vote counts for the new board nominees. This will give you a clear picture of how much institutional backing the "new guard" actually has as they move away from the Lawton era.