Company Appoints Ric Phillips as Chief
Executive Officer
Lead Independent Director, Bob Phillippy, to
Serve as Non-Executive Chairperson
Kimball Electronics, Inc. (Nasdaq: KE) today announced that
Donald D. Charron, Chairman and Chief Executive Officer, will
retire on February 28, 2023. Mr. Charron, who has been in the role
for nearly a quarter century, including since the Company’s
spin-off from Kimball International in 2014, will depart with an
impressive legacy of contributions not only to the Company, but the
Electronics Manufacturing Services (EMS) industry. Richard D.
Phillips, an accomplished executive and transformational leader
across manufacturing, distribution, industrial, consumer, and
healthcare, will join Kimball Electronics on March 1, 2023, as
Chief Executive Officer and a Director. Lead Independent Director,
Robert J. Phillippy, a member of the Kimball Electronics Board
since 2018, will become the Company’s non-executive
Chairperson.
Commenting on the announcement, Mr. Phillippy stated, “Today
marks the end of an era at Kimball Electronics. It is hard to put
into words the profound impact Don has had on each of us, and the
Company. Under his leadership spanning 24 years, Kimball
Electronics has grown from a division of its parent company to a
publicly-traded, global enterprise with annual revenues rapidly
approaching the $2 billion threshold. Don’s achievements are
countless, highlighted by decades of consistent performance and
profitable growth, award-winning customer service levels, and a
strong corporate culture that is routinely recognized in the
industry as Kimball Electronics’ competitive advantage. That
culture starts with Don, and his passion to always do the right
thing. He consistently treats others with respect and dignity, and
creates an environment where we all can be a better version of
ourselves. On behalf of the Board of Directors, and the entire
Kimball family worldwide, I want to thank Don for his dedication
and service to our Company throughout an illustrious career. We
wish him the very best.”
Mr. Phillippy continued, “With every end comes a beginning, and
today also represents a new and exciting chapter for the Company.
We welcome Ric to Kimball Electronics, and congratulate him on his
new role. We are honored to have an executive with Ric’s pedigree
and depth of experience join the Company, and look forward to his
leadership in evolving our strategy and continuing our passion for
execution in a dynamic and highly competitive environment, as we
strive to be the world’s preferred multifaceted manufacturing
solutions provider.”
With more than 20 years of experience in executive and advisory
roles, Mr. Phillips was most recently the President and Chief
Executive Officer from 2019 until 2022 for Elkay Manufacturing
Company, a global manufacturer and distributor of commercial and
residential plumbing products and designer and installer of
commercial interiors for the foodservice and hospitality sectors.
He was also a member of the Board of Directors for the Company.
Prior to Elkay, Mr. Phillips served as the President, Chief
Executive Officer, and Board member from 2017 through 2019, for
Essendant, Inc. (formerly United Stationers, Inc.), a Fortune 500
wholesale distributor of workplace-related products. Before joining
Essendant, where he held positions of increasing responsibility
beginning in 2013, Mr. Phillips held several leadership roles with
McKinsey & Company, including co-leading McKinsey’s
Pharmaceuticals and Medical Products Operations practice. He was
elected Partner in 2005. Mr. Phillips is an independent Director of
the Greenheck Group, a leader in the HVAC space, and previously
served as an independent Director of Follett Corporation. Mr.
Phillips holds a Bachelor of Science in Finance from Indiana
University, and a Master of Management from Northwestern University
Kellogg Graduate School of Management.
In response to his appointment, Mr. Phillips said, “I am
thrilled to join the Kimball Electronics family. The Company has a
rich history of excellence, and is positioned for growth with near
record levels of open order backlog, new program wins, and
increased capacity resulting from the recent facility expansions.
I’d like to thank Don, his leadership team, and the Board of
Directors for the opportunity, and I look forward to working with
our global organization, our customers, our vendor partners, and
our Share Owners to continue to build on the company’s
successes.”
Mr. Charron joined Kimball International in 1999 to lead the
Kimball Electronics Group. During his tenure, he has strategically
positioned Kimball Electronics for success with geographic
expansions in Thailand, China, Poland, and Romania, and led its
portfolio diversification with applications supporting the
automotive, medical, and industrial vertical end markets. In 2014,
Kimball Electronics spun-off from its parent company, Kimball
International, and became an independent, publicly-traded company
listed on Nasdaq, and Mr. Charron was appointed Chairman and Chief
Executive Officer. In fiscal 2018, Kimball Electronics exceeded $1
billion in annual revenue for the first time in its history. Under
Mr. Charron’s leadership, Kimball Electronics has been honored with
numerous awards and distinctions for operational excellence and the
highest levels of customer service, including special recognitions
throughout the COVID-19 pandemic. In fiscal 2021, the Company
reported record revenue, profitability, and Return on Invested
Capital.
In response to his retirement announcement, Mr. Charron stated,
“It is with immense gratitude and pride that I say farewell to the
Kimball family. Thank you for a journey of a lifetime. I am so
proud of what we have accomplished together, and grateful for the
support and partnership I received along the way. It has been a
team effort, and I’m leaving with friendships and memories that
will last forever. I have been very fortunate to serve the Company
during my career, and I’ve never been more excited about the future
of Kimball Electronics.”
About Kimball Electronics,
Inc.
Kimball Electronics is a multifaceted manufacturing solutions
provider of electronics and diversified contract manufacturing
services to customers around the world. From our operations in the
United States, China, India, Japan, Mexico, Poland, Romania,
Thailand, and Vietnam, our teams are proud to provide manufacturing
services for a variety of industries. Recognized for a reputation
of excellence, we are committed to a high-performance culture that
values personal and organizational commitment to quality,
reliability, value, speed, and ethical behavior. Kimball
Electronics, Inc. (Nasdaq: KE) is headquartered in Jasper,
Indiana.
To learn more about Kimball Electronics, visit:
www.kimballelectronics.com.
Lasting relationships. Global
success.
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version on businesswire.com: https://www.businesswire.com/news/home/20230110005293/en/
Andrew D. Regrut Vice President, Investor Relations 812.827.4151
Investor.Relations@kimballelectronics.com
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