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Flexsteel Industries Announces Derek Schmidt as President & CEO

April 30, 2024  by HFBusiness Staff in Business Strategy, Industry   

Mr. Schmidt will succeed Jerald K. Dittmer who has announced his resignation from the position of Chief Executive Officer effective June 30, and retirement from Flexsteel on Dec 31.

Derek P. Schmidt joined Flexsteel as CFO & COO 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 Jan 2023, his responsibilities further expanded to include oversight for the sales and marketing functions. In Jan 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 Dec. 31.

"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."