Kimball International, Inc. announced that the board of directors at its October 30th meeting appointed Kim Ryan as its new chair.
Ms. Ryan replaces Bob Schneider, who retired from the company effective Wednesday November 1st after serving four years as both Chair and CEO of the Company.
Ryan has served as a member of the Kimball International board since being appointed in 2014 and has participated as a member of the audit committee during the past four years. She will work closely with the company’s newly announced CEO, Kristie Juster, to lead and oversee the Company’s next chapter, as it focuses on elevating growth and strategic initiatives to continue its success in increasing long-term shareholder value.
In a release Ryan says it’s a great privilege and honor for her to be named chair of the board of Kimball International, which she says has such an incredible history and esteemed reputation in their markets.
Ryan says she’s excited to lead the group of directors with such strong skills and depth of experiences and to work alongside Kristie Juster as she takes over as the new CEO of the company.
Retiring Chair and CEO Bob Schneider acknowledged Ryan’s value to the board.
Schneider says Kim has been a key member of the board for the past four years, offering invaluable insight and perspective on long-term strategic planning, corporate governance, and risk management. Schneider says he’s confident Ryan will excel in the role of Chair of the Board.”
Additionally, as a result of the appointment of the independent chair of the board, and as permitted by the company’s by-laws, the board discontinued the position of lead independent director.
Pat Connolly will continue to serve on the audit committee, assuming the role as its chair, while Susan Frampton will assume the role of chair of the compensation and governance committee, which she has served as a member for the past two and a half years.
The board has also determined that it will commence a search for a new director to be added to the board in the next several months to replace the director position held by Bob Schneider.
Meanwhile, the Board of Directors of Kimball International, Inc. during their annual shareholders meeting declared a quarterly dividend of eight cents per share for all outstanding shares of common stock payable January 15, 2019, to share owners of record on December 21st, 2018.