MILLERKNOLL, INC. 8-K

What Happened

• MillerKnoll (MLKN) announced on June 1, 2026 that President & CEO Andi R. Owen will retire effective June 30, 2026. Ms. Owen resigned as a director and officer and began a leave of absence effective May 30, 2026.
• The Board appointed Chief Operating Officer Jeff Stutz to perform CEO duties during Ms. Owen’s leave (effective May 30, 2026) and named him Interim Chief Executive Officer effective June 30, 2026. The Board also reduced its size from 11 to 10 directors effective May 30, 2026.

Key Details

• Andi Owen’s separation is governed by a May 31, 2026 letter agreement: she will provide a mutual release and, upon separation, receive severance and benefits per her offer letter (18 months of base salary and up to 18 months of Company‑subsidized health benefits) and retirement treatment for outstanding equity awards per the Company’s Aug 29, 2025 proxy.
• Jeff Stutz’s offer letter (dated June 1, 2026) sets his annual base salary at $900,000; target annual bonus equal to 125% of base; target annual equity award equal to 325% of base.
• Mr. Stutz will participate in the Company’s Salary Continuation Plan (currently providing 18 months’ base salary and up to 18 months’ Company‑subsidized health benefits upon qualifying termination), subject to execution of a mutual release of claims.
• Mr. Stutz joined Herman Miller in 2001, served as MillerKnoll CFO from 2015 and became COO in September 2025; no related‑party transactions or selection arrangements were disclosed.

Why It Matters

• This is a material leadership change: the CEO role will transition to an internal, experienced executive (Jeff Stutz) on June 30, 2026, which may support operational continuity given his finance and operations background.
• The company has committed to specified compensation and separation payments (18 months’ salary and up to 18 months’ health benefits for Ms. Owen and similar protections for Mr. Stutz under certain conditions), which are concrete financial obligations to monitor.
• Investors should note potential effects on timing and treatment of equity awards (retirement treatment) and watch for any strategic or operational updates from the new interim CEO.