Copyright M Live Michigan
GRAND RAPIDS, MI — Steelcase President and CEO Sara Armbruster said she and other longtime executives will leave the company following its $2.2 billion acquisition by HNI Corp. After nearly 20 years with the office furniture giant, Armbruster will depart with the closing of the acquisition in early December, according to a letter filed with the U.S. Securities and Exchange Commission. “This is an important moment in our company’s story,” Armbruster stated in the letter. “Times of change can bring mixed emotions, yet they also create opportunities for growth and shared success. What has always defined Steelcase is the strength of our people, the depth of our relationships, and our commitment to helping the world work better.” Jeffrey Lorenger, chair, president and CEO of HNI Corp., will lead the combined companies going forward, the letter stated. “I want to begin by thanking Sara for her leadership and partnership throughout this process,” Lorenger stated in the letter. “Her dedication to Steelcase and her collaboration in preparing for a successful integration have been invaluable. “While reporting relationships may evolve, the foundation of Steelcase’s operating model remains unchanged. Enterprise functions, go-to-market platforms, and go-to-market organizations will continue to play distinct roles in creating value and serving customers.” Donna Flynn, vice president and chief people officer of Steelcase, also will leave the company at closing. A team of existing leaders within Steelcase and HNI will “continue the important work of supporting our people, culture, and impact efforts as the companies come together,” Lorenger wrote. Bob Krestakos, vice president and COO of Steelcase, will remain with the company until early 2026 to oversee operations transition. HNI Corp. will begin a search for his replacement, considering internal and external candidates, Lorenger wrote. HNI Corporation and Steelcase Inc. in August announced a definitive agreement for HNI to acquire Grand Rapids’ largest office furniture manufacturer in a cash and stock transaction valued at approximately $2.2 billion. With the acquisition, HNI expects to expand its offerings in the industries of health care, education and hospitality, and for the combined company to generate $5.8 billion in annual net sales after closing. HNI has said it will maintain the Steelcase brand following the transaction’s close. HNI will continue to operate its corporate headquarters in Muscatine, Iowa, and Steelcase will maintain its headquarters in Grand Rapids. Armbruster joined Steelcase in 2007 and has served in roles leading Steelcase’s corporate strategy and acquisition activities. She became the company’s 10th CEO in 2021 after former CEO Jim Keane announced his retirement. Founded in 1912 as Metal Office Furniture Co., Steelcase once had a reputation as Grand Rapids’ largest employer. The company employs about 11,300 people globally and about 3,500 in West Michigan.
