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Baldwin Piano's Karen Hendricks Plans to Step Down as CEO in November; CFO Duane Kimble Named President of Baldwin.
Business Editors
MASON, Ohio--(BUSINESS WIRE)--Feb. 28, 2001
Baldwin Piano & Organ Company (NASDAQ:BPAO) announced today that Karen L. Hendricks, chairman and chief executive officer, plans to step down as CEO in November 2001.
She will, however, remain on Baldwin's board of directors. Ms. Hendricks, who has led Baldwin since 1994, has overseen a complete restructuring of piano manufacturing operations and the divestiture of several non-core businesses.
The company also announced that Duane D. Kimble, 40, Baldwin's chief financial officer, has been appointed to the additional post of president effective immediately. The title of president was previously held by Ms. Hendricks.
Baldwin said that the January 2001 divestiture of its Contract Electronics Division gave Ms. Hendricks the contractual right to step down as chief executive officer, and she has exercised that right. Ms. Hendricks also has informed the board that she is prepared to extend her departure through January 2002, should the board need additional time to facilitate this transition.
Ms. Hendricks said, "Baldwin is once again focused solely on the business that built the company's reputation as a maker and marketer of fine pianos for nearly 140 years. The goal of restoring Baldwin to profitability is close at hand, and the board and I agree that this arrangement provides ample time to ensure a smooth, well-planned transfer of chief executive responsibilities."
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Source: HighBeam Research, Baldwin Piano's Karen Hendricks Plans to Step Down as CEO in...