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    Derek P. Schmidt [Oct 25

    Chief Executive Officer at Flexsteel Industries Inc
    Board
    Since July 1, 2024
    Age
    51 years
    Education
    Holds a Bachelor of Business Administration degree in Accounting and Finance from the University of Wisconsin and a Master of Business Administration with an emphasis in finance and strategic management from the University of Minnesota Carlson School of Management.
    Tenure
    Joined FLXS in April 2020 as Chief Financial Officer and Chief Operating Officer, later serving as Secretary and Treasurer in May 2020, expanding his role in June 2022, and being promoted to President in January 2024 before assuming the Chief Executive Officer role on July 1, 2024.

    Also at Flexsteel Industries Inc

    DEC[2
    David E. Crimmins [Oct 25
    Vice President, Sales and Product Management
    MJM[2
    Michael J. McClaflin [Oct 25
    Chief Information and Technology Officer
    MJR[2
    Michael J. Ressler [Oct 25
    Chief Financial Officer, Treasurer, and Secretary

    About

    Derek P. Schmidt, who is 51 years old as of October 25, 2024 , has built a diverse and progressive career at FLXS. He began his tenure in April 2020 as Chief Financial Officer and Chief Operating Officer and later expanded his responsibilities by serving as Secretary and Treasurer, with his operational role growing further in June 2022. His leadership trajectory continued with his promotion to President in January 2024, culminating in his appointment as Chief Executive Officer on July 1, 2024.

    His educational background is strong, holding a Bachelor of Business Administration from the University of Wisconsin and an MBA with an emphasis in finance and strategic management from the University of Minnesota Carlson School of Management.

    Prior to FLXS, he held significant financial leadership roles at Crescent Electric Supply Co. and HNI Corporation, among others, which have contributed to his robust expertise in financial and operational management.

    With a career marked by systematic advancements and strategic contributions, his role at FLXS underscores a commitment to driving transformation and sustainable growth while leveraging extensive industry experience.

    $FLXS Performance Under Derek P. Schmidt [Oct 25

    Past Roles

    OrganizationRoleDate RangeDetails
    Flexsteel Industries, Inc. President January 10, 2024 – July 1, 2024 Appointed as a Board member and promoted to reflect responsibility for operations and growth strategy
    Flexsteel Industries, Inc. Interim Chief Financial Officer May 2023 – January 2024 Held interim CFO responsibilities alongside the COO role
    Flexsteel Industries, Inc. Chief Operating Officer (Expanded Role) June 2022 – January 2024 (approx.) Assumed strategic ownership of manufacturing, sourcing, procurement, logistics, product management, and engineering
    Flexsteel Industries, Inc. Chief Financial Officer and Chief Operating Officer April 2020 – (Role transitioned) Joined as CFO and COO; later responsibilities expanded
    Flexsteel Industries, Inc. Secretary and Treasurer May 2020 – (Role transitioned) Held concurrently with initial executive roles
    HNI Corporation Vice President & General Manager, Transactional - The HON Company 2016 – 2018 Oversaw business development, product management, marketing, and sales turnaround
    HNI Corporation Vice President, Finance for The HON Company 2014 – 2016 Responsible for strategic and financial planning, M&A, and corporate functions
    HNI Corporation Vice President, Finance – HNI Leveraged Furniture Operations 2013 – 2014 Oversaw financial performance for manufacturing, distribution, and sourcing operations
    HNI Corporation Treasurer and Vice President, Corporate Finance 2011 – 2013 Led mergers and acquisitions, treasury, investor relations, and corporate planning
    Crescent Electric Supply Co. Chief Financial Officer Not Provided One of the nation’s largest electrical distributors
    Silgan Plastics Corporation Financial Leadership Role Not Provided No additional details provided
    MasterBrand Cabinets, Inc. Financial Leadership Role Not Provided No additional details provided
    General Mills Inc. Financial Leadership Role Not Provided No additional details provided

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Salary$470,000 AnnualAnnual Base Salary
    Supplemental Medical$16,633 As PaidPart of All Other Compensation
    Furniture Program$17,172 As PaidPart of All Other Compensation
    401K Match$16,875 As PaidPart of All Other Compensation

    Performance Compensation

    Data from  FY 2024

    Stock Awards

    MetricValueDetails
    Grant Date Fair Value$446,465 Includes three-year performance share awards at target and RSUs
    Performance PeriodJuly 1, 2023 – June 30, 2026 Performance period for stock awards
    Restricted Stock Units Grant Date Fair Value$178,586 Specific to RSUs component
    Maximum Share Award Value$535,758 Maximum potential share value
    Vesting ScheduleN/A Details not provided

    Non-Equity Incentive Plan Compensation

    MetricValueDetails
    Performance Metrics50% adjusted EBIT, 50% net sales Metrics evenly weighted
    Performance PeriodOne-year Award based on one-year performance cycle
    Threshold Performance Level40% Below this level, no award is made
    Maximum Performance Payout200% Cap on potential payout
    Incentive Award Range35% to 120% of base salary Payout percentage based on individual responsibility
    Vesting ScheduleN/A Not provided in documents
    Actual ResultsN/A No results details provided