Who Owns MillerKnoll Company?

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Who Really Controls MillerKnoll?

Understanding the ownership of a company is crucial, especially for a design and furniture giant like MillerKnoll (MLKN). Formed from the merger of design titans Herman Miller and Knoll, MillerKnoll's ownership structure is a key factor in its strategic direction. This deep dive explores the evolution of MillerKnoll's ownership, from its roots to its current status as a publicly traded company.

From its inception in 2021, the MillerKnoll SWOT Analysis reveals a complex interplay of institutional, insider, and retail investors shaping its trajectory. This exploration will delve into the significant merger that created MillerKnoll, examining the influence of key stakeholders and offering insights into the company's structure. Discover the answers to questions like "Who owns MillerKnoll?" and "What is the MillerKnoll parent company?" as we unravel the company's ownership history and its impact on the business.

The story of MillerKnoll's ownership begins with two distinct companies: Herman Miller and Knoll. These companies, each with their own unique origins, eventually merged to form the entity we know today. Understanding the early ownership structures of these two foundational companies is key to tracing the evolution of MillerKnoll's ownership.

Herman Miller's roots trace back to the Star Furniture Co., established in 1905. The company's trajectory shifted significantly when D.J. De Pree, who became president in 1919, convinced Herman Miller (born Harm Mulder) to take over the majority of the company's shares in 1923. This marked the beginning of The Herman Miller Furniture Company, with De Pree at the helm.

Knoll, on the other hand, was founded in 1938 by Hans Knoll in New York City. Florence Schust (later Florence Knoll) joined in 1946, playing a pivotal role in shaping the company's design and strategic direction. While specific details on the initial equity splits are not readily available, the vision of both companies laid the groundwork for their future merger.

Herman Miller's Origins

Herman Miller started as the Star Furniture Co. in 1905, later becoming the Michigan Star Furniture Company.

De Pree's Influence

D.J. De Pree became president of Herman Miller in 1919 and later convinced Herman Miller to buy the majority of shares.

Knoll's Founding

Knoll was founded in 1938 in New York City by Hans Knoll.

Florence Knoll's Impact

Florence Schust (Knoll) joined in 1946 and played a key role in the company's design and strategy.

Focus on Modern Design

Both Herman Miller and Knoll were committed to modern design and innovation from their inception.

Early Ownership Details

Specific initial equity splits for Herman Miller and Knoll are not readily available in the provided context.

Key Takeaways on MillerKnoll Ownership

The evolution of MillerKnoll ownership is rooted in the histories of Herman Miller and Knoll Inc., both pioneers in modern furniture design. The early ownership structures of these companies, while not fully detailed in readily available sources, set the stage for their eventual merger. Understanding the MillerKnoll history requires examining the foundational roles of D.J. De Pree at Herman Miller and Hans and Florence Knoll at Knoll. For more insights, you can read this article about Who Owns MillerKnoll.

• Herman Miller's early focus was on furniture, with a shift towards modern design in the 1930s.
• Knoll was founded with a vision for modern design and a commitment to innovation.
• The merger of Herman Miller and Knoll created the MillerKnoll parent company, combining their strengths.
• The specific details of early ownership structures remain less documented compared to the companies' later developments.

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The most significant shift in the MillerKnoll ownership structure came with the merger of Herman Miller and Knoll, finalized on July 19, 2021. This $1.8 billion acquisition resulted in the formation of MillerKnoll, Inc., which began trading on the Nasdaq under the ticker symbol MLKN. This marked a pivotal moment in the MillerKnoll history, reshaping the company's ownership and strategic direction.

Following the merger, Herman Miller shareholders held approximately 78% of the combined entity, while Knoll Inc. shareholders owned about 22%. This restructuring was a key step in creating a leading player in the design industry, influencing the MillerKnoll parent company's future and operational strategies. The merger expanded the market reach and integrated capabilities across its extensive brand portfolio.

As of March 2025, institutional investors hold the majority of MillerKnoll stock ownership, with approximately 94.55% of shares. Is MillerKnoll a public company? Yes, it is. Mutual funds, a subset of institutional investors, held 81.41% of the shares. Insider ownership, including company executives and board members, stood at 1.44%. Who is the CEO of MillerKnoll? Ms. Andrea R. Owen is the CEO. Retail investors make up the remaining portion. These ownership dynamics are crucial for understanding the company's governance and strategic decisions. For more insights into the company's strategic direction, consider reading about the Growth Strategy of MillerKnoll.

Key Takeaways on MillerKnoll Ownership

The merger of Herman Miller and Knoll was a transformative event, creating MillerKnoll.

• Institutional investors dominate the ownership structure.
• Insider ownership is a key factor in company governance.
• The company's structure combines two major legacies, expanding its market reach.
• Understanding the ownership is crucial for investors and stakeholders.

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The current Board of Directors at MillerKnoll plays a vital role in the company's governance and strategic direction. The board structure is designed to have between nine and thirteen members. These members are elected for staggered terms, which usually last for three years. As of October 15, 2024, shareholders elected Douglas D. French, John R. Hoke III, Heidi J. Manheimer, and Tina Edekar Edmundson to three-year terms. John Maeda was elected for a one-year term, while Jeanne K. Gang was elected for a two-year term. The board, as of July 29, 2024, includes twelve directors, with eleven of them being independent.

The election of directors generally follows a majority vote system. This means a nominee needs more votes in favor than against to be elected, except in contested elections. If a director nominee receives more votes 'against' their election, they must tender their resignation to the Board. The Governance and Corporate Responsibility Committee then recommends whether to accept or reject the resignation. The CEO, Andi Owen, serves as an ex officio member of all committees.

The company's SEC filings show that beneficial ownership of more than 5% of equity securities is reported through Schedule 13G filings. The proxy statements, such as the one for the October 14, 2024, Annual Shareholder Meeting, outline proposals for director elections and executive compensation, which are subject to shareholder vote. The information available for 2024-2025 doesn't highlight any recent proxy battles or significant activist investor campaigns. To understand the broader strategy, you can explore the Growth Strategy of MillerKnoll.

Key Takeaways on MillerKnoll Ownership

The Board of Directors at MillerKnoll oversees the company's strategic direction. The board consists of members with staggered terms, ensuring continuity. Shareholders vote on directors, and the CEO is involved in all committees.

• The board structure is designed for effective governance.
• Elections follow a majority vote system.
• Significant shareholders are reported through SEC filings.
• The company focuses on shareholder engagement through proxy statements.

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Over the past few years, the ownership structure of MillerKnoll has seen significant shifts, largely due to the 2021 merger between Herman Miller and Knoll. The company has focused on integrating operations and achieving cost efficiencies since the merger. By March 2024, MillerKnoll had realized $153 million in run-rate cost synergies related to the Knoll integration.

The company has actively engaged in share buybacks as part of its capital allocation strategy. In the third quarter of fiscal year 2024, MillerKnoll repurchased approximately 1.5 million shares, spending $40.0 million. Share repurchases continued in fiscal year 2025, with $44 million in the first quarter and approximately $23.1 million in the second quarter (ending November 30, 2024), buying back roughly 1.0 million shares. Through the first half of fiscal 2025, the company returned approximately $93.1 million to shareholders through share repurchases and dividends. The annual share buybacks for fiscal year 2024 were $138.2 million.

Leadership changes have also occurred, with new board members appointed in July 2024, bringing expertise in technology, architecture, design, hospitality, and art. Candace Matthews resigned from the Board of Directors effective February 15, 2025. Industry trends show increased institutional ownership, evident in MillerKnoll's ownership structure, with institutional investors holding around 94.55% of shares as of March 2025. S&P Global Ratings projects low-single-digit growth in adjusted EBITDA for fiscal years 2025 and 2026. MillerKnoll aims for a net leverage target of 2.5x, about 3.5x on an S&P Global Ratings-adjusted basis, focusing on debt repayment rather than significant share buybacks or acquisitions, despite recent buyback activity. To understand more about the company's financial performance, you can read about the Revenue Streams & Business Model of MillerKnoll.

Institutional Ownership

Institutional investors hold a significant portion of MillerKnoll's shares, approximately 94.55% as of March 2025, reflecting a strong institutional interest in the company.

Financial Strategy

MillerKnoll is prioritizing debt repayment, with a net leverage target of 2.5x, and is committed to using excess cash for debt reduction rather than large-scale share buybacks or acquisitions.

Leadership Changes

The company has seen changes in its board of directors, with new appointments in July 2024. Candace Matthews resigned from the Board of Directors effective February 15, 2025.

Future Outlook

S&P Global Ratings projects low-single-digit growth in adjusted EBITDA for fiscal years 2025 and 2026, indicating a steady but moderate growth trajectory for MillerKnoll.

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