Jasper based Kimball International, Inc. announced in a news release Tuesday that Bob Schneider has informed the company’s Board of Directors of his plans to retire on October 31, 2018, after four years as the company’s Chief Executive Officer.
The release says at that same time, Schneider intends to step down as Chairman of the Board but will remain a member of the Board of Directors to provide continuity during the transition, for a time period not to exceed the remainder of his current term which ends in 2020.
The Board has already established a CEO search committee, composed of independent directors, which has retained a leading executive search firm to help identify and evaluate internal and external candidates to lead Kimball International into the future.
Schneider says the past four years have been a tremendous honor and pleasure to lead the Company in the journey to improved health and profitability, to the point where we are now ready for the next phase of growth. Schneider says he’s always had an aspiration to retire early to allow ample time to pursue personal interests and travel.
Upon becoming CEO and Chairman of the Board in 2014, Schneider says he wanted to see Kimball International make the transition to a single class public company and to see the Company regain its health before considering retirement.
He says with the support of the Board and the dedicated employees of the Company, they’ve accomplished both within three years.
He says since the company’s spinoff of the electronics business, his focus has been on two main goals: establishing strong governance practices as a single class public company and improving the financial health of Kimball International.
Schneider says he believes it is good governance for a CEO who is also the Chairman of the Board to step down as Chairman upon retirement, and says he intends to do so in October.