Flexsteel to Appoint Derek P. Schmidt as President and CEO
April 29 2024 - 4:15PM
Business Wire
Flexsteel Industries, Inc. (NASDAQ:FLXS), announces the
appointment of Derek P. Schmidt to the position of President and
Chief Executive Officer effective July 1, 2024. Mr. Schmidt will
succeed Jerald K. Dittmer who has announced his resignation from
the position of Chief Executive Officer effective June 30, 2024,
and retirement from Flexsteel on December 31, 2024.
Derek P. Schmidt joined Flexsteel as Chief Financial Officer
& Chief Operating Officer in April 2020 and was subsequently
appointed Secretary and Treasurer in May 2020. In June 2022, his
role as Chief Operating Officer expanded to take on additional
responsibilities and strategic ownership of manufacturing, sourcing
and procurement, logistics and distribution, and product management
and development. In January 2023, his responsibilities further
expanded to include oversight for the sales and marketing
functions. In January 2024, Mr. Schmidt was promoted to the
position of President to reflect his responsibility for the
company’s operations and growth strategy and appointed a member of
the Board of Directors.
Mr. Schmidt’s leadership has been vital in accelerating the
Company’s transformation over the past four years and positioning
it for long-term profitable growth. He’s helped shape an exciting
vision for the future of the Company and championed strategies and
investments to pursue growth initiatives in new markets, elevate
innovation, enhance customer experiences, improve speed of product
development, and advance sustainable business practices.
Additionally, he has assembled a strong supply chain management
team and built operational capabilities as a competitive
advantage.
Mr. Schmidt has almost 30 years of broad general management and
financial leadership experience driving profitable growth across
multiple industries, including eleven years in the furniture
industry. Prior to Flexsteel, Mr. Schmidt was the Chief Financial
Officer of Crescent Electric Supply Co., one of the nation’s
largest electrical distributors. Prior to that, Mr. Schmidt held
multiple executive positions with HNI Corporation, a leading global
office furniture manufacturer, from 2011 to 2018. Prior to joining
HNI, Mr. Schmidt held financial leadership positions with companies
such as Silgan Plastics Corporation, MasterBrand Cabinets, Inc.,
and General Mills Inc. Mr. Schmidt is a graduate of the University
of Wisconsin with a Bachelor of Business Administration degree in
Accounting and Finance. He also earned a Master of Business
Administration with an emphasis in finance and strategic management
from the University of Minnesota Carlson School of Management.
“Derek has been instrumental in the development and execution of
the Company’s strategy over the last four years and has been a
driver of organizational change and culture development. His
experience both within and outside of Flexsteel uniquely equips him
to take Flexsteel’s growth strategy forward,” states current Chief
Executive Officer, Jerry Dittmer. “I have the utmost confidence in
his leadership and abilities.”
Jerald K. Dittmer has announced his resignation from the
position of Chief Executive Officer effective June 30, 2024, but
has agreed to stay employed with the company as a Strategic Advisor
to support and aid in a seamless transition with Mr. Schmidt before
retiring from the Company and the Board of Directors on December
31, 2024.
“Mr. Dittmer’s legacy is that of significant business
transformation and unwavering leadership through unprecedented
times,” states Tom Levine, Board Chair. “I would like to thank him
for his significant contributions to Flexsteel and his active
participation in the execution of a strong succession plan with Mr.
Schmidt. I am proud of the legacy Mr. Dittmer has built and am
excited for what the future holds for Flexsteel under the
leadership of Mr. Schmidt.”
About Flexsteel
Flexsteel Industries, Inc., and Subsidiaries (the “Company”) is
one of the largest manufacturers, importers, and marketers of
residential furniture products in the United States. Product
offerings include a wide variety of furniture such as sofas,
loveseats, chairs, reclining rocking chairs, swivel rockers, sofa
beds, convertible bedding units, occasional tables, desks, dining
tables and chairs, kitchen storage, bedroom furniture, and outdoor
furniture. A featured component in most of the upholstered
furniture is a unique steel drop-in seat spring from which the name
“Flexsteel” is derived. The Company distributes its products
throughout the United States through its e-commerce channel and
direct sales force.
For more information, visit our website at
http://www.flexsteel.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429252953/en/
INVESTOR CONTACT: Michael Ressler, Flexsteel Industries, Inc.
563-585-8116 investors@flexsteel.com
Flexsteel Industries (NASDAQ:FLXS)
Historical Stock Chart
From Sep 2024 to Oct 2024
Flexsteel Industries (NASDAQ:FLXS)
Historical Stock Chart
From Oct 2023 to Oct 2024