Copyright M Live Michigan
GRAND RAPIDS, MI — Following the announcement of Steelcase’s $2.2 billion acquisition by HNI Corp., top leaders are leaving the Grand Rapids-based office furniture giant next month. These are the five takeaways from the original article. CEO Sara Armbruster to exit after acquisition Steelcase President and CEO Sara Armbruster will depart the company following the closing of the acquisition in early December. Her departure will conclude a nearly 20-year tenure with the company. She became the 10th CEO in the company’s 113-year history in 2021. Other top executives leaving Donna Flynn, vice president and chief people officer, will also leave the company at the closing. Bob Krestakos, vice president and COO, will remain with Steelcase until early 2026 to oversee the operations transition. HNI’s CEO will lead the combined company Jeffrey Lorenger, the current chair, president and CEO of HNI Corp., is set to lead the combined companies after the acquisition is finalized. He affirmed that while reporting relationships may change, the core of Steelcase’s operating model will remain intact. HNI expects to make more than twice its money back HNI Corp.’s acquisition of Steelcase is a cash and stock transaction valued at approximately $2.2 billion. After closing, the combined company is expected to generate $5.8 billion in annual net sales and expand its offerings in health care, education and hospitality. Steelcase brand and headquarters to remain HNI has stated it will maintain the Steelcase brand and its headquarters in Grand Rapids following the transaction. HNI will also continue to operate its own corporate headquarters in Muscatine, Iowa, ensuring both companies maintain their local presence.
