(GLOBE NEWSWIRE) — Kimball International, Inc. (NASDAQ:KBAL) today announced that Bob Schneider has informed the Board of Directors of his plans to retire on October 31, 2018, after four years as CEO. At that time, Mr. 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 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.
Pat Connolly, Lead Independent Director of the Board, commented, “On behalf of the entire Board, I would like to thank Bob for his over thirty years of service to the Company, and his outstanding leadership as CEO and Chairman for the last four years. Bob expertly guided Kimball International through the difficult work of becoming a single class public company, while leading us to a remarkable financial turnaround. Bob’s decisive leadership, personal style, and unwavering focus led to results that exceeded both our and our shareholders’ expectations.”