KIMBALL ELECTRONICS CELEBRATES RETIREMENT OF DON CHARRON, WELCOMES INCOMING CHIEF EXECUTIVE OFFICER, RIC PHILLIPS

Jasper- Kimball Electronics, Inc. (Nasdaq: KE) announced the Company celebrated the retirement of long-standing Chairman and CEO, Donald D. Charron, and welcomed incoming Chief Executive Officer, Richard D. Phillips, with a market closing bell ceremony at Nasdaq on Wednesday, February 22, 2023.

Commenting on the event, Mr. Charron stated, “I was thrilled with the opportunity to celebrate my retirement by ringing the closing bell. Since the spinoff from our parent company, Kimball International, in 2014, Nasdaq has been a great partner, and we look forward to that continuing. Kimball Electronics has a strong company culture, formed and shaped by our Guiding Principles, and a rich history of growth dating back over 60 years when we started building the electronics for musical organs. Today, we support critical applications in the Automotive, Medical, and Industrial end markets. In my 24 years serving the Company, I have never seen a brighter future for Kimball Electronics. With a strong leadership team, Board of Directors, and very capable incoming CEO in Ric, I look forward to the Company’s success as a Share Owner and retired executive.”

As previously announced, Mr. Charron will be retiring from Kimball Electronics on February 28, 2023, and Mr. Phillips, an accomplished executive and transformational leader across manufacturing, distribution, industrial, consumer, and healthcare, will join Kimball Electronics on March 1, as Chief Executive Officer and a Director. In addition, Lead Independent Director, Robert J. Phillippy, a member of the Kimball Electronics Board since 2018, will become the Company’s non-executive Chairperson.

In response to today’s announcement, Mr. Phillips said, “I want to congratulate Don on his incredible leadership of the Company and legacy in the EMS industry. He has been a tremendous partner during this transition, and I am excited to join Kimball Electronics, a company with a strong culture and foundation. We have a great opportunity to build on the momentum of growth and value creation that has been established, and I can’t wait to work with our people all over the world to write the next chapter of success for the Company.”