HNI Corp's CEO Hosts Annual Shareholder Meeting (Transcript)

HNI Corp. (HNI)

Annual Shareholder Meeting Call

May 8, 2012 11:30 am ET


Stan Askren - Chairman, President & CEO

Steve Bradford - VP, General Counsel and Secretary



Stan Askren

Good morning. I would like to call the 2012 annual meeting to shareholders to order. Welcome to those shareholders joining us here today and those participating in the webcast. I am pleased that attending today's meeting are all of the corporation’s directors. I would like to introduce each of them to you. They will stand as I call their name. Please hold your applause until I have completed all introductions. Mary Bell, Vice President of Caterpillar leading their business, Building Construction Products division; Miguel Calado, Director and the Chief Financial Officer of Hovione; Cheryl Francis, Independent Business and Financial Advisor, Co-Chairman of the Corporate Leadership Center and the Director of Aon and Morning Star; James R. Jenkins, Senior Vice President and General Counsel, of John Deere; Dennis Martin, Director, President and Chief Executive Officer of Federal Signal and the Director of Coleman Cable; Larry Porcellato, Chief Executive Officer of The Homax Group and a Director of OMNOVA Solutions; Abbie Smith, Chaired Professor of The University of Chicago’s Booth School of Business and the Director of DFA Investment Dimensions Group, Dimensional Investment Group and Rizor; Brian Stern, Director of Starboard Capital Partners and a retired Senior Vice President of Xerox; and then Ronald Waters, III, Independent Business Consultant and retired Director and President and Chief Executive Officer of Lojack and the Director of Fortune Brands Home & Security and Ron is also currently our lead Director.

Finally I would like to introduce Gary Christensen, active with Wind Point Partners Private Equity Investments and retired President and CEO of Pella Corporation. Gary is retiring from our board at this meeting. I would like take a moment to offer a special thanks to Gary for his dedicated and long service as a director of this corporation. Gary joined our board 12 years ago and has served as our first lead director for 3 years. And Gary, last night we had an opportunity to chat with Gary and expressed our appreciation for his many years of outstanding service. Gary has had a huge impact on this corporation and on this board and has been a great friend and mentor to me as well. So Gary thank you so much for all your years, all your contributions and we wish you the best and we look forward to staying in touch and leaning on you every now and then for counsel.

Ladies and gentleman, I can tell you this is an extremely capable board that is very active engaged in this corporation’s business and we are fortunate to have such an outstanding Board of Directors serve you. So thank you board very much.

Now with all current members, the retired members of HNI please stand. I would like to thank you for your many contributions over the years and we will chat a bit about this. This is what makes us a great corporation. So thank you for what you have done, thank you for what you are doing and thank you for what you will do in the future.

I would also like to acknowledge a presence of a couple of very important contributors to the corporation’s historic success. Stan now stands down here. Stan is member, director, builder, huge influence on this corporation for something like 52 years. So Sam, Helen thank you so much for all that you have done for the corporation. Also Dick Stanley, Dick's father was one of the founders of this corporation. Dick serves on the board for 42 years. Dick I saw you earlier, there is Dick. Dick, thank you.

And then finally Jack Michaels, former CEO, Director great friend, great mentor to me and many of the management team here. Jack thanks so much for coming and joining us and thanks for all that you have done over the years as well. Also in attendance are Bill Kelly, Amy Graves and Brad Jenson, our Pricewaterhousecoopers, the corporation's independent public accountant. They will be available after the meeting, should you have any questions, I am sure they will be glad to chat with you.

In the back is Steve Hoffman, representative for Wells Fargo Shareowners Services, the corporation's transfer agent and he has been appointed Inspector of Elections for this meeting. And has taken his oath as Inspector of Elections. As it has become a long tradition excuse me we have in attendance today a group of Muscatine High School business students. So stand up, come on.

Including in that group is Muscatine Community School District Superintendent Bill Decker, Assistant Principal Corri Guy and Business teacher Mike Fladlien. I don’t know every year I think probably as good as he, outstanding teacher I’ve been around Mike and let's just hope that our school system finds more o Mike Fladliens that have the passion and the commitment to students that Mike does.

The students are from various business classes including law, logistics, economics and accounting and they are going to go from here I believe and go on some plant tours and (inaudible) the launch and have a chance to ask questions about the corporation, the business and careers at HNI and it is a great, great opportunity for us and for you and so thank you very much.

I should mention one of the students is my son's (inaudible) a junior in Muscatine High School. I promised them I wouldn’t make him stand individually. So kind of going this way. Alright so again we are so glad that you are here today and we look forward to sharing with you here in a little bit a sort of state of your business, the state of your company, but now I will turn the meeting back over to Steven so he can conduct the formal business portion of the meeting. Steven?

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