Summary of Annual Base Salaries for Named Executive Officers of Worthington Industries, Inc. (2012)
Worthington Industries, Inc. has approved new annual base salaries for its named executive officers, effective June 27, 2012. The officers include the Chairman and CEO, COO and President, CFO, and other senior executives, with salaries ranging from $325,000 to $625,000. The agreement also notes upcoming changes in executive roles, including retirements and new appointments effective August 1, 2012. This summary outlines the compensation decisions made by the company's Compensation and Stock Option Committee.
Exhibit 10.53
ANNUAL BASE SALARIES APPROVED FOR NAMED EXECUTIVE OFFICERS
OF
WORTHINGTON INDUSTRIES, INC.
Effective June 27, 2012, the Compensation and Stock Option Committee of the Board of Directors of Worthington Industries, Inc. (the “Registrant”) approved the base salaries for the named executive officers identified below, which base salaries became effective June 27, 2012.
| Name and Principal Position | Base Salary | |||
| John P. McConnell | ||||
| Chairman of the Board and Chief Executive Officer of the Registrant | $ | 625,000 | ||
| George P. Stoe | ||||
| Chief Operating Officer and President of the Registrant | $ | 400,000 | ||
| B. Andrew Rose | ||||
| Vice President – Chief Financial Officer of the Registrant | $ | 450,000 | ||
| Mark A. Russell | ||||
| President – The Worthington Steel Company until July 31, 2012; to become President and Chief Operating Officer of the Registrant effective August 1, 2012 | $ | 500,000 | ||
| Virgil L. Winland | ||||
| Senior Vice President – Manufacturing | $ | 325,000 | ||
George P. Stoe will serve as President and Chief Operating Officer of the Registrant until July 31, 2012, when he will retire from those positions. Effective August 1, 2012, he will become Director of International Business Development of the Registrant and Non-Executive Chairman of Angus-Palm.
