Steinway & Sons CEO to retire by year's end

Associated Press

WALTHAM, Mass. (AP) — Steinway Musical Instruments says the president and CEO of its Steinway & Sons Worldwide division will retire by year's end.

Thomas Kurrer, 63, became president of the unit, which concentrates on pianos, in 2008. He has worked for the company for 23 years.

Steinway Musical Instruments Inc., which also makes trumpets, saxophones and other instruments, said Friday that since it is already assessing its strategic options, SMI CEO Michael Sweeney will take on the additional role of president of Steinway & Sons Worldwide.

The regional heads of Steinway & Sons Americas, Europe and Asia-Pacific will start reporting to Sweeney on Oct. 1.

Sweeney said in a statement that Kurrer's retirement had been planned for some time and that he will remain as a Steinway Musical Instruments' board member. Kurrer has also agreed to consult for Steinway & Sons in 2013.

Steinway Musical Instruments is based in Waltham, Mass.

Its shares slipped 2 cents to $24.88 in morning trading. They peaked for the past year at $28.72 in late November 2011, rebounding from a 52-week low of $20.71 in early October 2011.