8-K

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported) November 10, 2006
                                                        -----------------

                           FLEXSTEEL INDUSTRIES, INC.
                           --------------------------
             (Exact name of registrant as specified in its charter)

        Minnesota                        0-5151                   42-0442319
        ---------                        ------                   ----------
(State or other jurisdiction           (Commission              (IRS Employer
      of incorporation)                File Number)          Identification No.)

           3400 Jackson Street, Dubuque, Iowa                 52001
           ----------------------------------                 -----
         (Address of principal executive offices)           (Zip Code)

         Registrant's telephone number, including area code 563-556-7730
                                                            ------------

- --------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.

     On November 10, 2006, Flexsteel Industries, Inc. ("Flexsteel") issued a
     press release announcing that Ronald J. Klosterman will be promoted to
     Chief Executive Officer effective December 31, 2006 as part of its
     succession plan. K. Bruce Lauritsen will continue in his present capacity
     as Vice Chairman of the Board of Directors and Chairman of the Company's
     Executive Committee. A copy of the press release is attached as Exhibit
     99.1.




Item 9.01  Financial Statements and Exhibits.

     (a)   Not applicable

     (b)   Not applicable

     (c)   Not applicable

     (d)   Exhibits

           99.1    Press release dated November 10, 2006 of Flexsteel
                   Industries, Inc.



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             FLEXSTEEL INDUSTRIES, INC.
                                             --------------------------
                                                    (Registrant)

Date:     November 10, 2006          By:        /s/ Timothy E. Hall
       -----------------------           -------------------------------------
                                             Timothy E. Hall
                                             Vice President-Finance, CFO, and
                                             Secretary Principal Financial
                                             Officer

EX-99.1

                                                                    Exhibit 99.1

                    Flexsteel Announces Promotion

    DUBUQUE, Iowa--(BUSINESS WIRE)--November 10, 2006--Flexsteel
Industries, Inc. (NASDAQ:FLXS) announced that Ronald J. Klosterman
will be promoted to Chief Executive Officer effective December 31,
2006 as part of its succession plan. K. Bruce Lauritsen will continue
in his present capacity as Vice Chairman of the Board of Directors and
Chairman of the Company's Executive Committee.

    Lauritsen joined Flexsteel in 1968 as a sales representative and
has progressed through the ranks including National Sales Manager,
Chief Operating Officer, President and Chief Executive Officer.

    Klosterman began his career with the Company in 1972 as a staff
accountant, was selected to establish and serve as General Manager of
our Dublin, GA production facility, Treasurer, Chief Financial Officer
and currently serves as President and Chief Operating Officer.

    "Flexsteel is fortunate to have an executive of the caliber of Ron
Klosterman to succeed Bruce as Chief Executive Officer. Ron has been
entrenched in every aspect of Flexsteel's operations, including
finance, manufacturing and marketing. He has gained tremendous respect
both inside and outside the Company demonstrating confidence in and
conviction to our Company," said Chairman L. Bruce Boylen. "I am
confident that Ron will continue to lead our Company with the
integrity, enthusiasm and a commitment to quality that have been the
mainstays of Flexsteel since its founding in 1893."

    Boylen continues, "I'd like to thank Bruce for his 38 years of
leadership and his demonstrated ability to see the Company through the
global changes and challenges of the recent years. His passion for the
Company and all of its employees will continue to inspire all of us. I
look forward to his ongoing guidance as he continues in his roles as
Vice Chairman of the Board of Directors and Chairman of the Executive
Committee."


    CONTACT: Flexsteel Industries, Inc., Dubuque
             Timothy E. Hall, Chief Financial Officer, 563-585-8392