Summary of Annual Base Salaries for Named Executive Officers of Worthington Industries, Inc.
Worthington Industries, Inc. has approved annual base salaries for its named executive officers, as determined by the Compensation Committee in June 2008. The salaries are based on a new compensation program, individual performance, and market data. The listed officers include the Chairman and CEO, President and COO, CFO, Controller, and Presidents of two company divisions. The agreement also notes the hiring of a new CFO, B. Andrew Rose, effective December 1, 2008, following the retirement of the previous CFO.
Exhibit 10.35
Annual Base Salaries Approved for Named Executive Officers
of Worthington Industries, Inc.
In June 2008, the Compensation Committee of the Board of Directors approved the base salaries based on the New Compensation Program, individual performance assessments and market data for the named executive officers set forth below, with the exception of Mr. Rose. The Company hired Mr. Rose on December 1, 2008 to replace John S. Christie, former Chief Financial Officer who retired from the Company at the end of July, 2008:
| Name and Principal Position | Base Salary | ||
| John P. McConnell Chairman of the Board and Chief Executive Officer | $ | 600,000 | |
| George P. Stoe President and Chief Operating Officer | $ | 550,000 | |
| B. Andrew Rose Vice President – Chief Financial Officer | $ | 350,000 | |
| Richard G. Welch Controller | $ | 225,000 | |
| Mark A. Russell President – The Worthington Steel Company | $ | 385,000 | |
| Harry A. Goussetis President – Worthington Cylinder Corporation | $ | 307,000 | |
