Kimball Electronics, Inc. announced that Donald D. Charron, Chairman will retire on February 28, 2023. Mr. Charron, who has been in the role for nearly a quarter century, including since the Company's spin-off from Kimball International in 2014, will depart with an impressive legacy of contributions not only to the Company, but the Electronics Manufacturing Services (EMS) industry. Richard D. Phillips, an accomplished executive and transformational leader across manufacturing, distribution, industrial, consumer, and healthcare, will join Kimball Electronics on March 1, 2023, as a Director.

Lead Independent Director, Robert J. Phillippy, a member of the Kimball Electronics Board since 2018, will become the Company's non-executive Chairperson. With more than 20 years of experience in executive and advisory roles, Mr. Phillips was most recently the President and Chief Executive Officer from 2019 until 2022 for Elkay Manufacturing Company, a global manufacturer and distributor of commercial and residential plumbing products and designer and installer of commercial interiors for the foodservice and hospitality sectors. He was also a member of the Board of Directors for the Company.

Prior to Elkay, Mr. Phillips served as the President, Chief Executive Officer, and Board member from 2017 through 2019, for Essendant, Inc. (formerly United Stationers, Inc.), a Fortune 500 wholesale distributor of workplace-related products. Before joining Essendant, where he held positions of increasing responsibility beginning in 2013, Mr. Phillips held several leadership roles with McKinsey & Company, including co-leading McKinsey's Pharmaceuticals and Medical Products Operations practice. He was elected Partner in 2005.

Mr. Phillips is an independent Director of the Greenheck Group, a leader in the HVAC space, and previously served as an independent Director of Follett Corporation. Mr. Phillips holds a Bachelor of Science in Finance from Indiana University, and a Master of Management from Northwestern University Kellogg Graduate School of Management. Mr. Charron joined Kimball International in 1999 to lead the Kimball Electronics Group.

During his tenure, he has strategically positioned Kimball Electronics for success with geographic expansions in Thailand, China, Poland, and Romania, and led its portfolio diversification with applications supporting the automotive, medical, and industrial vertical end markets. In 2014, Kimball Electronics spun-off from its parent company, Kimball International, and became an independent, publicly-traded company listed on Nasdaq, and Mr. Charron was appointed Chairman and Chief Executive Officer. In fiscal 2018, Kimball Electronics exceeded $1 billion in annual revenue for the first time in its history.

Under Mr. Charron's leadership, Kimball Electronics has been honored with numerous awards and distinctions for operational excellence and the higher levels of customer service, including special recognitions throughout the COVID-19 pandemic. In fiscal 2021, the Company reported record revenue, profitability, and Return on Invested Capital.