Stevens to Retire from Steinway & Sons

Stevens to Retire from Steinway & Sons

WALTHAM, Mass., June 18 /PRNewswire-FirstCall/ -- Steinway Musical Instruments, Inc. (NYSE:LVB) today announced that Bruce Stevens will retire from his position as President & CEO of Steinway & Sons by the end of this year.

Mr. Stevens has had an extraordinary 22-year career at Steinway & Sons. During that time, the Company revitalized its distribution network, improved product quality and introduced exclusive dealer territories. The Company also launched several new Steinway piano categories, including the Crown Jewel Collection, Limited Editions, Art Case pianos and the Legendary Collection. In the two decades of Mr. Stevens' tenure, the Company's piano sales have more than tripled, from $60 million to over $200 million in 2006.

Under Mr. Stevens' leadership, Steinway & Sons expanded its operations into Japan and China. The company also designed two new piano lines under the Boston and Essex brand names, creating the Family of Steinway-designed Pianos business model. In addition, Mr. Stevens and his team developed an innovative program to generate a growing number of sales to schools of music and other institutions. Reflecting this vision, there are now 72 All-Steinway Schools worldwide.

Commenting on Mr. Stevens' retirement, Dana Messina, CEO of Steinway Musical Instruments, said, "We thank Bruce for his 22 years of outstanding service to Steinway and for his lasting contributions to the Steinway legacy. Our industry magazine, The Music Trades, said it all when its editors named Bruce 'Person of the Year' in 2006. Bruce has had a profound impact on Steinway and the industry, and his contributions will be felt for years to come. We wish him and his family the very best in his retirement."

Commenting further, Mr. Messina said "We're extremely pleased that Bruce has agreed to remain in his current position until his successor has been appointed to make this a seamless transition for our valued employees and our worldwide family of Steinway dealers. We also look forward to his continued involvement as a member of the Steinway & Sons' Board of Directors once his successor is chosen."

Steinway has retained Spencer Stuart, one of the world's leading executive search consulting firms, to assist with its search for Mr. Stevens' successor. Mr. Messina noted, "We are evaluating candidates from inside our organization as well as those presented by Spencer Stuart. Given the strength and prestige of our organization, we are confident that we will find a great candidate."

About Steinway Musical Instruments

Steinway Musical Instruments, Inc., through its Steinway and Conn-Selmer divisions, is one of the world's leading manufacturers of musical instruments. Its notable products include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums and Steinway & Sons pianos.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This release contains "forward-looking statements" which represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated in this release. These risk factors include the following: changes in general economic conditions; recent geopolitical events; increased competition; work stoppages and slowdowns; ability of new workers to meet desired production levels; exchange rate fluctuations; variations in the mix of products sold; market acceptance of new product and distribution strategies; ability of suppliers to meet demand; concentration of credit risk; fluctuations in effective tax rates resulting from shifts in sources of income; and the ability to successfully integrate and operate acquired businesses. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.

Contact: Julie A. Theriault
Telephone: 781-894-9770
Email: ir@steinwaymusical.com

First Call Analyst:
FCMN Contact: tkirkpatrick@steinwaymusical.com

Source: Steinway Musical Instruments, Inc.

CONTACT: Julie A. Theriault of Steinway Musical Instruments, Inc.,
+1-781-894-9770, ir@steinwaymusical.com

Web site:

http://www.steinwaymusical.com/

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