Grand Rapids, Mich.-based Steelcase (NYSE:SCS) needs a new CEO.
On Wednesday, the office furniture manufacturer announced that Chief Executive Officer Jim Hackett has decided to call it quits on his 19-year term of office, and will retire at the end of February, 2014. Thereafter, he will remain on the Board of Directors for at least a year, serving initially as Vice Chairman of the Board of Directors.
In a statement, Board Chairman Rob Pew praised Hackett's performance at the company, saying: "In his 19 years as the CEO, Jim has led the company through some difficult times as well as periods of growth. We appreciate his calm hand on the tiller."
Now, it's time for a new hand. Announcing his retirement, Hackett said, "It's time to provide opportunity to others, and time for me to pursue some other interests." The company says it will be taking its time deciding on a replacement, since Hackett will, after all, still be running things for another seven months.
Investors don't seem to like that idea much. Steelcase shares are down 0.2% in Wednesday trading, even as the market trades broadly upwards.