Leadership and Structure of the Combined Company
Lorenger will remain at the helm as president and CEO of the merged entity, headquartered in Muscatine, Iowa. Steelcase will retain its name and its Grand Rapids, Michigan headquarters, preserving the legacy of its brand while integrating into HNI’s portfolio.
The deal will also expand HNI’s board from 10 to 12 directors, adding two independent members from Steelcase’s current board.
Timeline and Advisory Teams
The transaction, which awaits shareholder approval and regulatory clearance, is expected to close by year-end.
Davis Polk’s team advising HNI includes partners James Dougherty, Shanu Bajaj, Adam Kaminsky, Christopher Nairn-Kim, Hillary Coleman, Frank Azzopardi, William Curran, Nathaniel Asker, and Matthew Yeowart.
Skadden’s team for Steelcase is led by M&A partners Brian Duwe, David Clark, and Richard Witzel Jr., joined by executive compensation partner Joseph Penko and tax partner Eric Sensenbrenner.
