Southern Indiana Business Report
JASPER – Kimball Electronics, Inc. today announced that Donald D. Charron, chairman and CEO, will retire Feb. 28. 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, described as a “transformational leader across manufacturing, distribution, industrial, consumer, and healthcare,” will take over at Kimball Electronics on March 1 as CEO and 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.
Mr. Phillippy stated, “Today marks the end of an era at Kimball Electronics. It is hard to put into words the profound impact Don has had on each of us, and the Company. Under his leadership spanning 24 years, Kimball Electronics has grown from a division of its parent company to a publicly-traded, global enterprise with annual revenues rapidly approaching the $2 billion threshold,” Phillippy said in a news release. “Don’s achievements are countless, highlighted by decades of consistent performance and profitable growth, award-winning customer service levels, and a strong corporate culture that is routinely recognized in the industry as Kimball Electronics’ competitive advantage. That culture starts with Don, and his passion to always do the right thing. He consistently treats others with respect and dignity, and creates an environment where we all can be a better version of ourselves. On behalf of the Board of Directors, and the entire Kimball family worldwide, I want to thank Don for his dedication and service to our Company throughout an illustrious career. We wish him the very best.”
With more than 20 years of experience in executive and advisory roles, Phillips was most recently the president and CEO 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.
Phillips is a graduate of Indiana University, and has a master’s degree in management from Northwestern University Kellogg Graduate School of Management.
“I am thrilled to join the Kimball Electronics family. The Company has a rich history of excellence, and is positioned for growth with near record levels of open order backlog, new program wins, and increased capacity resulting from the recent facility expansions,” Phillips said. “I’d like to thank Don, his leadership team, and the Board of Directors for the opportunity, and I look forward to working with our global organization, our customers, our vendor partners, and our Share Owners to continue to build on the company’s successes.”
Charron joined Kimball International in 1999 to lead the Kimball Electronics Group. During his tenure, he led the company’s 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. In fiscal 2021, the company reported record revenue, profitability, and Return on Invested Capital.
In response to his retirement announcement, Charron stated, “It is with immense gratitude and pride that I say farewell to the Kimball family. Thank you for a journey of a lifetime. I am so proud of what we have accomplished together, and grateful for the support and partnership I received along the way. It has been a team effort, and I’m leaving with friendships and memories that will last forever. I have been very fortunate to serve the Company during my career, and I’ve never been more excited about the future of Kimball Electronics.”