Summary of Annual Base Salaries for Named Executive Officers Effective June 29, 2008
This document outlines the annual base salaries approved for several named executive officers of the company, effective June 29, 2008. The Compensation Committee set these salaries based on a new compensation program, individual performance, and market data. The officers listed include the Chairman and CEO, Executive Vice President and COO, and Presidents of two company divisions. One executive, the President and CFO, is excluded due to his upcoming retirement. The document serves as a record of the approved compensation for these key executives.
Exhibit 10.30
Annual Base Salaries Approved for Named Executive Officers
Effective June 29, 2008, the Compensation Committee approved the following base salaries for the named executive officers set forth below based on the New Compensation Program, individual performance assessments and market data:
| Name and Principal Position (1) | Base Salary Effective 6/29/08 | ||
| John P. McConnell Chairman of the Board and Chief Executive Officer | $ | 600,000 | |
| George P. Stoe Executive Vice President and Chief Operating Officer | $ | 550,000 | |
| Mark A. Russell President – The Worthington Steel Company | $ | 385,000 | |
| Harry A. Goussetis President – Worthington Cylinder Corporation | $ | 307,000 | |
| (1) | John S. Christie, President and Chief Financial Officer is excluded from this list as he is retiring from the Company on July 31, 2008. For information relative to Mr. Christie’s retirement, see the Current Report on Form 8-K of the Registrant dated May 5, 2008 and filed with the SEC on the same date (SEC File No. 1-8399). |
