Flexsteel Announces Changes to Board of Directors

DUBUQUE, Iowa–(BUSINESS WIRE)–Flexsteel Industries, Inc. (NASDAQ: FLXS) … At the December 5, 2016
Board of Directors meeting of Flexsteel Industries, Inc., Eric S.
Rangen, a member of the Board of Directors since 2002, was elected Chair
of the Board. He succeeds retiring Chair Lynn J. Davis, who completed
five years as Board Chair during his eighteen years of dedicated service
on Flexsteel’s Board. Mr. Rangen completes eight years as Audit and
Ethics Committee Chair, and also served on the Compensation Committee.

“Flexsteel has benefitted from Mr. Davis’ deep governance and Board
Chair experience during his tenure,” said Karel K. Czanderna,
Flexsteel’s President and C.E.O. “Lynn expanded the Board’s focus on
strategy and governance, increasing the independent to insider director
ratio while decreasing average board tenure, establishing Director and
Officer stock ownership requirements, and aligning the committee
structure to include corporate governance.”

Mr. Rangen is Executive Vice President-Strategic Initiatives of Optum,
and previously served as Senior Vice President and Chief Accounting
Officer, all in UnitedHealth Group. “Mr. Rangen’s experience with
Deloitte & Touche LLP, Alliant Techsystems Inc. and UnitedHealth Group
have spanned a wide range of executive positions. His extensive
background in accounting, finance, operations and human resources, and
his global vision, are great assets for us,” said Karel K. Czanderna,
Flexsteel’s President and C.E.O. “We look forward to leveraging Eric’s
career experiences with his deep knowledge of Flexsteel during his
tenure as Board Chair.” Mr. Rangen is also a Director for the privately
held International Market Center.

At the December 5, 2016 Annual Shareholders’ Meeting, Michael J. Edwards
was elected as a new director, and Jeffrey T. Bertsch and Nancy E.
Uridil were re-elected, each to serve a three-year term.

Mr. Edwards is the CEO of eBags.com, and
with previous senior executive roles has been on the leading edge of
digital business transformations in both large and small
businesses. Eric S. Rangen, Board Chair, commented on the election of
Mr. Edwards to the Board of Directors. “It is a great pleasure to
welcome Mike to our Board. He brings a demonstrated track record of
success, and we look to leverage his e-commerce, retail and global
supply chain expertise as we grow our company. We appreciate his
commitment of time and talent to Flexsteel’s success. He will build on
the Flexsteel tradition of exceptional board members.”

Flexsteel Industries, Inc. is headquartered in Dubuque, Iowa, and was
incorporated in 1929. Flexsteel is one of the oldest and largest
manufacturers, importers and marketers of residential and commercial
upholstered and wooden furniture products in the United States. Product
offerings include a wide variety of sofas, loveseats, chairs, reclining
and rocker-reclining chairs, swivel rockers, sofa beds, convertible
bedding units, occasional tables, desks, dining tables and chairs and
bedroom furniture. The Company’s products are intended for use in home,
office, hotel, healthcare and other commercial applications. A featured
component in most of the upholstered furniture is a unique steel drop-in
seat spring from which our name “Flexsteel” is derived. The Company
distributes its products throughout the United States through the
Company’s sales force and various independent representatives.
Additional information is available at www.flexsteel.com.


Flexsteel Industries, Inc., Dubuque, Iowa
Timothy E. Hall,
Chief Financial Officer