GlobeNewswire Inc | Apr 19, 2021 08:30AM EDT

April 19, 2021

GRAND RAPIDS, Mich., April 19, 2021 (GLOBE NEWSWIRE) -- SteelcaseInc.(NYSE:SCS)President and CEO Jim Keane, announces he will be retiring on January 7, 2022, after 25 years with the company, including more than seven years as CEO.Keanewillremain President and CEO until October 4,2021,at which time hewill becomevice chairandwill serve in that role until his retirement from the company.

Sara Armbruster,whohas beenappointedExecutive Vice Presidentand a member of the Steelcase Board of Directors,will take over asPresident andCEOonOctober4,2021.

Keane,61,joined the company in 1997. Duringthis time, he held positions including chief operating officer, chief financial officer, president, and chief executive officer. Inhis time with the company, heledglobalteams responsible for corporate strategy, IT, research, product development, design, engineering, manufacturing, sales,and distribution.Appointed to SteelcasesBoard of Directors in 2013, Keanealsoserves on the boards of Rockwell Automation, IDEO, the Economics Club of Grand Rapids, theBusiness and Institutional Furniture Manufacturers Association (BIFMA) andis onthe board of trustees of Grand Valley University Foundation.He isbothan at-large member and board member of the Business Roundtable an association of chief executive officers from Americas leading companies.

Keanetransformed the company into a globally integratedenterprise,curating astrong organizational culture ofrapidand decentralized decision-making. Heestablished theSteelcaseLearning + Innovation Center in Munichaglobalhubwhere employees, dealers and guests come together to learn and innovatethe future of work.His ability to foster creativity and drive innovation has enabled Steelcase to lead the transformation of the office landscape from places designed solely around efficiency, to dynamic places that support the changing nature of work.

Keane's belief in using business as a force for goodis evidenced by the companys commitment to ESG.Steelcase isan original signatorytotheBusiness Roundtables2019 Statementonthe Purpose ofa Corporation, where Keane andother signingCEOs committed to lead their companies for the benefit of all stakeholders. ISS, an investor ratings agency that grades companies on their holistic commitment to ESG, rankedSteelcase the highest in its industry, with only two companies rated higher in the July 2020 ISS ESG Corporate Rating. Steelcase was also recognized by the Wall Street Journal as one ofThe100Most Sustainably Managed Companies in the World.In 2020,the company achieved carbon neutrality and set ambitious, science-based targets to move beyond net zero emissions by 2030.

The Board of Directorsand Iwould like to thankJimfor hisincredibleleadershipas CEO these past seven years and dedication to Steelcasethe pastquarter of a century, saidRob Pew, Chair of the Steelcase Board ofDirectors.Under his leadership,thecompanyhasexperienced tremendous levels ofinnovationandgrowth.Jim led the business through the recent global crisis andleavesSteelcasein a strong strategic and financial position. Wewish himthe best in his retirement.

I have never been more excited about the future of Steelcase, saidKeane.Still,after 25 years, its the right time for me to move forward, and with the crisis ending, the recovery taking shape, and a number of innovative new products ready to go, it will be the perfect time for the company to welcome a new CEO.

The Steelcase Board of Directors began planning this CEOtransition approximatelytwo years agowith afinal assessment process takingplace over recent months. Therigorous evaluation processincludeda series of discussions and presentationsfrommultiple candidates.I want to thank our Board for their attention and commitment to this important decision.Sara excelled through theassessment process, demonstrating her thoughtfulness, collaborative design-thinking capabilities and inclusive mindset, said Pew.

Since joining the company in 2007, Armbruster, 50, has led corporate strategy and acquisition activities. She has additionally led multiple businesses at Steelcase, including Steelcase Education, Steelcase Health and PolyVision Corporation. Her diverse responsibilities include leading information technology, global design research, new business initiatives, and the companys COVID global crisis response team.

Armbrustercurrently serves on the board of directors of Winnebago Industries andsits onthe board ofadvisorsof the Institute of Designatthe Illinois Institute of Technology.She is also actively involvedwith numerousnon-profit organizations in West Michigan.Before joining Steelcase, Armbrusterworked at McKinsey & Company andserved as vice president of business development at Banta Corporation,whereshe led strategy development and managed all merger and acquisition activity.

Armbrusterholdsan MBA from the Amos Tuck School at Dartmouth College, a masters degree in international relations from the Paul H. Nitze School of Advanced International StudiesatJohns Hopkins University, anda bachelors degree in Slavic languages and literatures from Yale University.

Sarawillbe thetenthCEO in our 109-year history,saidPew.Herstrategy expertise,leadership style and over two decades in executive positions uniquely qualify her to step into this role.

Im delighted Sara has been chosen by the Board as our next CEO, said Keane. All along, Ive relied on Sara as my partner in developing strategy, and more recently I turned to her to lead us through crises. She is a well-respected people leader with a deep commitment to the values that make Steelcase a greatplace to work.

I am truly honored toaccept this new roleandgrateful for the 14 years I workedclosely withJim Keane, saidArmbruster. Im proud to work alongsideourstrongseniorleadershipandincredibly talented, committedteamsaround the world.This is animportantmoment of growthfor ourcompanyasthe placeswherepeople work and learn arebeingreimagined.Thanks to Jim, Steelcase is tremendously well positioned atatime when leadershipinshapingthe future of workis critical.

About SteelcaseLeading organizations around the world trust Steelcase to help them create workplaces that help people feel safe and areproductive, inspiring,and adaptable with our architecture, furniture,and technology solutions accessible through a network of channels, including over 800 Steelcase dealer locations. Steelcase is a global, industry-leading, and publicly traded company with fiscalyear2021revenue of $2.6billion. For more information, visitwww.steelcase.com.

Investor Contact: Media Contact:Mike O?Meara Katie WoodruffInvestor Relations Corporate Communications(616) 292-9274 (616) 915-8505

Source: SteelcaseSC-GR