Flexsteel Appoints Karel K. Czanderna President and CEO

  Flexsteel Appoints Karel K. Czanderna President and CEO

Business Wire

DUBUQUE, Iowa -- July 02, 2012

Flexsteel Industries, Inc. (NASDAQ: FLXS) today announced that Karel K.
Czanderna has been named the company’s president and chief executive officer.
Czanderna, an established leader in the durable goods space, is a veteran of
Owens Corning and Whirlpool Corporation and succeeds Ronald J. Klosterman in
the role.

Czanderna’s appointment became effective July 1, 2012. Klosterman, who has
been with Flexsteel for nearly 40 years, will maintain his board seat.

“For more than a century, Flexsteel’s employees, investors and customers have
benefited from exceptional executive leadership,” said Flexsteel Chairman Lynn
J. Davis. “That proud tradition will continue with Karel serving as our
seventh corporate president. Having earned critical operational expertise
through years of building world-class brands, Karel is uniquely equipped to
enhance growth opportunities in our various business lines while maintaining
the culture that has served as the company’s foundation since its inception.”

“It is an honor to join an organization that since 1893 has built a reputation
for unwavering commitment to product and service excellence,” said Czanderna.
“I look forward to preserving that storied heritage as we continue to expand
on Flexsteel’s many industry-leading innovations to create additional value
for our customers and investors.”

Czanderna, who holds a PhD in Materials Science and Engineering from Cornell
University and completed an executive education program at Harvard Business
School, served most recently as Group President of Building Materials for
Owens Corning. In that role, she was responsible for a $3.3 billion global
business that comprised two-thirds of the Fortune 500 company’s revenue. She
led 7,500 employees located in more than 65 global plants as well as an
integrated supply chain organization and sales and marketing staff. Among her
many achievements at Owens Corning, Czanderna is credited with doubling the
profitability of the Building Materials business during an economic downturn.

Prior to Owens Corning, Czanderna held multiple executive positions at
Whirlpool Corporation, including as Vice President and General Manager of
global KitchenAid and Jenn-Air appliance businesses. In that role, she held
responsibility for a $1.8 billion business.

Czanderna, who earned her BS at Clarkson University and a Master’s from
Cornell, was recruited by Eastman Kodak upon completion of her studies. She
served the company in multiple capacities, ultimately being promoted to senior
leadership positions overseeing $500 million in business activity and more
than 5,500 employees.

“Senior officers and the board of directors are confident that Karel will
value Flexsteel’s heritage and be an exceptional leader,” said James R.
Richardson, Flexsteel director and senior vice president of sales and
marketing.

Members of the Flexsteel board retained CTPartners Executive Search, Inc. to
assist in identifying and evaluating potential candidates.

Flexsteel Industries, Inc. is headquartered in Dubuque, Iowa, and was
incorporated in 1929. Flexsteel is a designer, manufacturer, importer and
marketer of quality upholstered and wood furniture for residential,
recreational vehicle, office, hospitality and healthcare markets. All products
are distributed nationally.

Contact:

Flexsteel Industries, Inc., Dubuque
Timothy E. Hall, Chief Financial Officer, 563-585-8392