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Ron Klosterman to retire as Flexsteel president, CEO

DUBUQUE, Iowa — Ron Klosterman, who has been with furniture manufacturer Flexsteel for 40 years and has been its president and CEO since 2006, has announced he plans to retire prior to the end of the 2012 calendar year.

 Flexsteel, Ron KlostermanRon Klosterman

Klosterman, who succeeded Bruce Lauritsen in the company's top job, will remain a member of Flexsteel's board of directors.

The company said the board has formed a search committee and will retain an executive search firm to identify candidates to succeed Klosterman.

"Flexsteel has been fortunate to have an executive of the caliber of Ron Klosterman," said Chairman L. Bruce Boylen. "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."

Klosterman began his career with the company as a staff accountant and rose through the ranks in accounting and audit, production management, finance and operations. 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," he added. "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."

Boylen said, "I'd like to thank Ron for his dedication, leadership and his ability to guide the company through the global changes and economic challenges of recent years."

Flexsteel was ranked as the ninth largest source for the U.S. furniture market on Furniture/Today's Top 25, based on calendar year 2010 sales of $306.7 million.

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