Steelcase names new vice president and chief legal officer

GRAND RAPIDS, Mich. - Steelcase Inc . (NYSE: NYSE:SCS), a prominent player in workplace design and manufacturing with a "GOOD" financial health rating according to InvestingPro, has announced the appointment of Megan Blazina as vice president, chief legal officer, and secretary, effective March 17, 2025. Analysis suggests the stock is currently trading below its Fair Value. Blazina brings over two decades of legal expertise to Steelcase and will report directly to Sara Armbruster, the company’s president and CEO.

Blazina’s role will encompass a broad range of responsibilities, including general counsel duties and oversight of legal services. She will also lead departments such as compliance, corporate strategy, global trade, government affairs, and sustainability. Her appointment is expected to bolster Steelcase’s strategic vision and support ongoing initiatives.

Prior to her new role at Steelcase, Blazina served as North American vice president & general counsel for Whirlpool Corporation (NYSE:WHR)’s largest business unit. Her extensive background features a variety of legal disciplines, including litigation, commercial and e-commerce matters, compliance, intellectual property, mergers and acquisitions, ESG, regulatory affairs, corporate governance, and government relations. Blazina has also managed teams across Europe and Asia and spearheaded global e-commerce and government relations strategies.

Armbruster expressed enthusiasm about Blazina’s addition to the team, citing her exceptional leadership skills and comprehensive legal experience. Blazina herself communicated excitement about joining Steelcase, emphasizing the company’s transformative phase and her eagerness to contribute to its ongoing success.

Steelcase, established in 1912 and headquartered in Grand Rapids, Michigan, stands as a global authority in office environment solutions. The company reported $3.2 billion in revenue for the fiscal year 2024, maintains a strong P/E ratio of 12.8, and has consistently paid dividends for 27 consecutive years. With an EBITDA of $217.2 million and a workforce of approximately 11,300 global employees, Steelcase’s influence extends through a network of over 770 dealers and various retail partners, including an online store. For detailed financial analysis and additional insights, investors can access comprehensive research reports on InvestingPro, which covers over 1,400 US stocks.

This strategic executive move comes as the company approaches its next earnings announcement on March 19, 2025. According to InvestingPro, analysts maintain positive expectations for the company’s profitability this year. This information is based on a press release statement from Steelcase and additional financial data available through InvestingPro’s comprehensive research platform.

In other recent news, Steelcase reported its third-quarter results for fiscal year 2025, showing strong performance with earnings before interest, taxes, depreciation, and amortization (EBITDA) and earnings per share (EPS) exceeding consensus estimates, although revenues were in line with expectations. However, the company issued a conservative fourth-quarter guidance due to a temporary slowdown in order trends, projecting an EPS range slightly below consensus. Benchmark analyst Reuben Garner adjusted the price target for Steelcase shares to $16.00 from $18.00, while maintaining a Buy rating, indicating cautious optimism due to potential challenges associated with an upcoming Enterprise Resource Planning (ERP) system implementation.

Steelcase also reported its second-quarter fiscal 2025 earnings, with an adjusted EPS of $0.29, surpassing the forecast of $0.22. The company generated $44 million in revenue from selling unused land, contributing to its financial stability. Steelcase’s Americas segment showed significant operating income improvement and recorded a 3% organic revenue growth. The company has experienced nine consecutive quarters of year-over-year gross margin improvement, highlighting its operational efficiency.

Looking forward, Steelcase projects third-quarter revenue between $785 million and $810 million, with expected organic growth of 1-5% and adjusted EPS ranging from $0.21 to $0.25. The company remains optimistic about order growth from large corporate customers in the latter half of fiscal 2025. Steelcase’s strategic initiatives, including workplace transformation and hybrid work solutions, continue to strengthen its market position.

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