Flexsteel's Klosterman to Retire

September 29, 2011  by in UnCategorized   

By Home Furnishings Business in Executive Changes on September 30, 2011 Ron Klosterman, president and CEO of Flexsteel Inds. (NASDAQ: FLXS), plans to retire before the end of 2012.

Klosterman, who has been with the company for nearly 40 years, succeeded Bruce Lauritsen in the position in 2006.

"Flexsteel has been fortunate to have an executive of the caliber of Ron Klosterman," said   Bruce Boylen, chairman. "Ron has been entrenched in every aspect of Flexsteel's operations, including finance, manufacturing and marketing. He has gained tremendous respect within the company and the furniture industry demonstrating confidence in and conviction to our company. We will benefit from his guidance in his continuing role as a director."

The company's board of directors has formed a search committee and will retain an executive search firm to identify candidates to succeed Klosterman.

Klosterman began his career at Flexsteel as a staff accountant, was promoted to manager of corporate accounting and audit, was selected to establish and serve as general manager of the company's Dublin, Ga., production facility, held positions as treasurer, CFO, president and COO, before being named president and CEO. He was appointed to the board of directors in 2005.

"Today's announcement is an important milestone in our succession planning process that will position the company for a smooth leadership transition," Klosterman said. "It has been, and continues to be, a privilege to lead this tremendous company. As part of our succession planning, I believe the time is right for someone new to take the reins, to elevate Flexsteel to the next level. Moving forward, I have great confidence in the company and the abilities of our leadership team to continue our long-term success."