Flexsteel Aligns Management Team; Klosterman, Hall & Fautsch Promoted
June 21 2005 - 5:05PM
Business Wire
The Board of Directors of Flexsteel Industries, Inc., (NASDAQ:FLXS)
announced that Ronald J. Klosterman was named President and Chief
Operating Officer. Klosterman was also appointed to the Board of
Directors of Flexsteel. Timothy E. Hall was appointed Vice
President, Chief Financial Officer and Treasurer, and Lee David
Fautsch was promoted to Vice President, Residential Sales. K. Bruce
Lauritsen will continue as Chief Executive Officer and was also
appointed Vice Chairman of the Board of Directors. Mr. Lauritsen
commented, "these appointments are a part of the succession plan
developed by the Board of Directors." "This team will continue to
serve Flexsteel well," said Lauritsen, "and this new alignment is
in keeping with the Flexsteel Board's long-standing practice of
putting a team in place with an eye to the Company's future needs."
Mr. Lauritsen added, "Flexsteel's strategic focus is on providing
our dealers, and ultimately the consumer, with quality furnishings
for the home, recreational vehicles, and commercial interiors. Our
management team has the combined expertise to do just that."
Klosterman, the new President, has a long history with Flexsteel,
having joined the Company 32 years ago in corporate accounting. For
six years, he was general manager of the Company's upholstered
furniture division in Dublin, Georgia; he later returned to the
Dubuque headquarters and advanced to Executive Vice President,
Director of Operations and Chief Financial Officer. Taking over as
Vice President, CFO and Treasurer is Timothy E. Hall, who has been
with Flexsteel for ten years and has served as Corporate Controller
and as Treasurer. Lee David Fautsch is taking up the
responsibilities of Vice President for Residential Sales. Serving
most recently as National Sales Manager, Fautsch has been with
Flexsteel for sixteen years with regional sales management
experience and is currently responsible for directing the expansion
of the Company's residential furniture sales. Established in 1893,
Flexsteel Industries, Inc. is headquartered in Dubuque, Iowa, and
was incorporated in 1929. Flexsteel is a designer, manufacturer,
importer and marketer of quality upholstered and wood furniture for
residential, recreational vehicle, office, hospitality and
healthcare markets. All products are distributed nationally.
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