STEELCASE INC. 2024
Notice of Annual Meeting and Proxy Statement
Steelcase WorkLife Center in Los Angeles
Letter from the President and CEO
Steelcase helps people do their best work by creating places that work better. We're committed to this mission because we believe in the power of thoughtfully designed environments to help our customers bring people together to build relationships, innovate, and achieve business results.
And we know this is possible, because we've helped countless customers around the world transform their workplaces for over a century. Transformation is a lofty goal, but our belief that better is possible drives us forward and inspires us to lean into the future of work together. Our belief in better also shapes our strategy, and I'm pleased to share we're seeing exciting results.
0UÄZJHS`LHY^LYLWVY[LKYL]LULVMIPSSPVUHUKUL[ PUJVTLVMTPSSPVU^OPJO^HZH PTWYV]LTLU[HZ JVTWHYLK[VVYÄZJHS`LHYUL[PUJVTLVMTPSSPVU 6YUL[PUJVTLPUJYLHZL^HZKYP]LUI`HIHZPZWVPU[ improvement in gross margin. In addition, our total liquidity (cash + cash equivalents and company owned life insurance) Z[YLUN[OLULKI`TPSSPVUKYPUNÄZJHS`LHYLUKPUN [OL`LHYH[TPSSPVU;OPZZ[YLUN[OLUPUN^HZZWWVY[LKI` VYLɈVY[Z[VYLKJLPU]LU[VY`SL]LSZHZ[OLIYVHKLYZWWS` chain environment stabilized.
>L^LYLLUJVYHNLKI`VYTVTLU[THZ^LLUKLKÄZJHS `LHYHZVY(TLYPJHZZLNTLU[WVZ[LKVYNHUPJVYKLY NYV^[OVM PU[OL[OPYKXHY[LYHUK PU[OLMVY[OXHY[LY These increases were primarily driven by large corporate customers in both continuing and project business, as they PUJYLHZLK[OLPYMVJZVU[OLPY[LHTZ»PUVɉJLWYLZLUJL Companies of all sizes are reinvesting in their spaces, which fuels our optimism and reinforces our strategy to lead the workplace transformation, diversify the customer and market ZLNTLU[Z^LZLY]LHUKPTWYV]LVYWYVÄ[HIPSP[`
Transformation is a lofty goal, but our belief that better is possible drives us forward and inspires us to lean into the future of work together.
i
Building a new kind of workplace
But what does it look like for customers to reinvest in their ZWHJLZ&:[LLSJHZLYLZLHYJOJVUÄYTZVYNHUPaH[PVUZHYL looking for spaces that do four things: Foster wellbeing, nurture inclusion, integrate seamlessly with technology and ZWWVY[WYP]HJ`;OH[»Z^O`^LVɈLYPUUV]H[P]LZVS[PVUZHUK new perspectives on design as we partner with our customers to tackle these four key elements in a variety of ways.
Wellbeing
Wellbeing has come into sharp focus in recent years as people reengage with their colleagues and pay closer attention to their own needs. Steelcase is proud to create workplaces that better support wellbeing by designing comfortable spaces for respite and rejuvenation, integrating biophilic elements and addressing both auditory and visual stimuli. We leverage our workplace insights, design expertise and community of brands [VVɈLYJOVPJLHUKJVU[YVSPU[OL^VYRWSHJL^OPSLLUZYPUN high performance and thoughtful applications.
Inclusive Design
Inclusive Design has increasingly been a topic of Steelcase customer requests for guidance. Workplace leaders are more mindful of the varied needs of their employees, particularly those with disabilities or neurodivergence. One way Steelcase ZLY]LZJZ[VTLYZPZ[OYVNOZVS[PVUZIHZLK^LIPUHYZNLHYLK to helping organizations of all sizes create adaptive and inclusive spaces where all people can thrive. Our membership PU[OL=HSHISLHUKVY^VYR^P[O:WLJPHS6S`TWPJZ Michigan, among others, continue to shape our progress HUKVɈLYVWWVY[UP[PLZ[VSPZ[LUSLHYUWYV[V[`WLHUKP[LYH[L ^P[OLUKZLYZ6YPU[LUZLMVJZVUZLYJLU[LYLKKLZPNU
is foundational to this work, and we're proud to partner with those whose aim is inclusion.
Companies of all sizes are reinvesting in their spaces, which fuels our optimism and reinforces our strategy to lead the workplace transformation, diversify the customer and market segments we serve, DQGLPSURYHRXUSUR¿WDELOLW
Integrated Technology
Leading organizations know that employees expect employers to get workplace technology right. So, making sure technology is seamlessly integrated into both shared HUKZPUNSLZLZWHJLZPZJYP[PJHS[VHJOPL]PUNHULHZ`HUK engaging experience. Today's ubiquitous use of video calls KLTHUKZ^LSSLXPWWLKZWHJLZHISL[VOHUKSLPUJYLHZLK technology. The Steelcase® Ocular® table is one example of how our products deliver sophisticated design with technology integration. The outcome? Customers love the way Ocular reorients the conference room to maximize ease and WYVKJ[P]P[`MVYIV[OYLTV[LHUKJVSVJH[LKWHY[PJPWHU[Z
Privacy
Finally, in the wake of Covid, privacy remains front and center - but the conversation extends far beyond achieving physical distance from colleagues. People are looking for a range of privacy solutions, including physical privacy, visual and acoustic privacy, and psychological privacy. From simple ZJYLLUZ[VMSS`LUJSVZLKZWHJLZ:[LLSJHZLVɈLYZZVS[PVUZ for every industry to meet the privacy needs of their teams. Examples include enclosed Orangebox® pods and Campers & Dens™, Steelcase Flex Personal Spaces, architectural elements like Everwall®, and bespoke furniture solutions for professional services from HALCON®.
Steelcase leads the way in addressing these key customer JVUJLYUZI`VɈLYPUNZVS[PVUZ[OH[ZWLHR[V[OLUPXLULLKZ of today's workplace without compromising on innovation, comfort or quality. Our focus on serving customers and creating value for shareholders anchors our strategy and drives us to do more - and do better.
ii
Our Strategy
Leading the workplace transformation
Leading the workplace transformation takes many forms.
One way we're leading is with Steelcase research. Our research helps us better understand our customers and then apply our insights to impact new product development. I'm pleased to share we launched several new products last year, including WorkValet™ lockers, Orangebox Beyond the Desk™ lounge system, HALCON Optic™ Table, and Viccarbe® Aleta™ Seating, and through our development partnership with West Elm®, we IYVNO[[OL>LZ[,ST>VYR:[[VU/LPNO[(KQZ[HISL+LZR[V life. These products complement our existing portfolio and help us better meet the needs of our customers around the world.
Another way we're leading is through bold sustainability goals and a steadfast commitment to reducing carbon emissions. CarbonNeutral®WYVKJ[JLY[PÄJH[PVUPZUV^H]HPSHISLMVYTHU` VMVYOPNOWLYMVYTHUJLZLH[PUNVW[PVUZHUKOLPNO[HKQZ[HISL desking lines. And we continue to focus on ways we can reduce our carbon footprint while helping our customers do the same. CarbonNeutral®WYVKJ[JLY[PÄJH[PVUPZKLZPYLKI`THU` Steelcase customers, but our work doesn't stop there.
We've also set some of the most aggressive carbon emissions reduction goals in our industry, and people are taking note. :[LLSJHZLLHYULKHU(MYVT*+7MVYP[Z*SPTH[L*OHUNL Disclosure and scored an A on CDP's Supplier Engagement Leaderboard, setting us apart from our competitors and energizing us to do more. We continue to set the bar high for ourselves and for each other, for the good of the planet.
Finally, I'm proud to share Steelcase was again named a >VYSK»Z4VZ[(KTPYLK*VTWHU`I`-VY[ULMVY[OL[O`LHYPU a row and recognized as one of America's Greatest Workplaces for Diversity by Newsweek. These awards are meaningful, and we're encouraged to see evidence of our progress in our ZOHYLKWYWVZLPU[OLKH`[VKH`L_WYLZZPVUVMVYJS[YL and in the communities of belonging we nurture together.
Diversify the customers and markets we serve
Steelcase continues to enjoy healthy market share in serving large, leading organizations, and we're expanding our focus to reach additional market segments and company sizes.
We've made acquisitions over the past years in pursuit of this goal, and we're seeing an increased breadth of customer opportunities from our broader portfolio of brands.
:THSS[VTPKZPaLKIZPULZZLZYHUNLMYVTOH]PUNZPTWSL[V very complex workplace needs. Our goal is to better serve this segment by making it easier to do business with Steelcase. That means keeping things simple when the needs are basic HUKTHRPUNH]HPSHISLHIYVHKLYYHUNLVMWYVKJ[VɈLYPUNZ when workplace needs are more involved. To that end, we introduced the AMQ® Cluvo™OLPNO[HKQZ[HISLKLZRH[HTVYL HJJLZZPISLWYPJLWVPU[MVYZTHSSHUKTPKZPaLKIZPULZZLZ
We also hold a strong market position in the higher education segment. In addition to launching Agree® tables and chairs from Steelcase Learning, our Smith System IZPULZZOHZJVU[PULK[VIVSZ[LYVYVɈLYPUNMVY[OL2 education vertical. And in healthcare, workers and patients alike celebrate the new Radia™ seating line and instant 2^PJR:JYLLU^OPJOVɈLYZZLWHYH[PVUHUKHTLHZYLVM privacy in open spaces.
While our community of brands is already uniquely positioned to provide a variety of solutions to our customers, we continue to look for opportunities to further diversify and deliver more value to all the organizations we aim to serve.
iii
We're researching and innovating. We're exploring and making. We're testing and launching. We're building workplaces for the next generation, and we couldn't be more excited about what's to come.
,PSURYHRXUSURðWDELOLW
>LTHKLNYLH[Z[YPKLZPUÄZJHS`LHY[VPTWYV]LVY WYVÄ[HIPSP[`(ZPKLMYVTZWWVY[PUNYVIZ[ZOHYLOVSKLYYL[YUZ PUJYLHZLKWYVÄ[HIPSP[`SL]LSZHSSV^Z[VTVYLMSS`PU]LZ[PU our strategy and accelerate progress against our goals. We believe the investment levels we've maintained over the past ZL]LYHS`LHYZZL[[OLZ[HNLMVY[OLZPNUPÄJHU[^PUYH[LZHUK market share gains we experienced in the Americas during ÄZJHS`LHY
We achieved those improvements with targeted actions. First, ^LYLHSPaLKHKKP[PVUHSILULÄ[ZMYVTWYPJPUNHJ[PVUZ[HRLUPU YLZWVUZL[VZPNUPÄJHU[PUÅH[PVUV]LY[OLWYPVY[^V`LHYZHUK we made operational footprint adjustments to drive additional LɉJPLUJPLZ>LHSZVPTWSLTLU[LKYLZ[YJ[YPUNHJ[PVUZPUVY International segment to lower our cost structure to support VYWYVÄ[HIPSP[`[HYNL[Z
(ZPKLMYVT[OLÄZJHS`LHYLɈVY[Z0TLU[PVULKHIV]L our business transformation initiative is ongoing and includes initial preparation for a new enterprise resource planning system. This work is intended to improve our customer ZLY]PJLSL]LSZHUKZPTWSPM`VYWYVJLZZLZLU[LYWYPZL^PKL>L JLSLIYH[L[OLZLPTWVY[HU[Z[LWZ[VKYP]LNYLH[LYLɉJPLUJPLZ higher margins and improved growth potential.
Helping the World Work Better
This is an exciting time for Steelcase and an exciting time for our industry. We're witnessing some of the biggest shifts of our lifetimes as work, workers, and the workplace look to the future and reimagine creativity and collaboration, privacy and productivity.
We're witnessing - but we're not merely standing on the sidelines watching.
We're researching and innovating. We're exploring and making. We're testing and launching. We're building workplaces for the next generation, and we couldn't be more excited about what's to come.
We're Steelcase, and we're proud to create places that work better.
Sara Armbruster
President and CEO
iv
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Steelcase Inc. published this content on 29 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2024 19:40:02 UTC.
