Worthington Industries Completes Board of Directors Transition and Declares Quarterly Dividend

COLUMBUS, Ohio, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The board of directors of Worthington Industries, Inc. (NYSE:WOR) today announced that John Blystone, the Company’s long-time Lead Independent Director has been named Executive Chairman. Blystone’s appointment completes a planned succession with Executive Chairman John P. McConnell, who will now retire. The board also declared a quarterly dividend of $0.32 per share. The dividend is payable on December 15, 2023, to shareholders of record on November 15, 2023.

McConnell, who retired as the Company’s chief executive officer in September 2020, said, “I am proud of all we have accomplished since I joined Worthington nearly 50 years ago. I look forward to remaining a meaningful, long-term shareholder of both Worthington Enterprises and Worthington Steel, and watching the continued success of both companies. John [Blystone] has done an excellent job as Lead Director the past 16 years. I know the board is in good hands and it will be a seamless transition with him in the role as Executive Chairman.”

The Company announced in September 2022 its “Worthington 2024” plan to separate its Steel Processing business and create two, stand-alone, publicly traded companies by 2024, Worthington Enterprises and Worthington Steel.

“John [McConnell] has done a fantastic job leading Worthington Industries and the Board. I’m honored to follow him in service as Executive Chairman at this exciting time for our Company,” said Blystone. “We have a committed board, strong leadership and a dedicated team at Worthington, and I look forward to continuing to work together to drive value for shareholders and support the success of Worthington 2024.”

In January 2023, John H. McConnell II joined the Worthington Industries board and is expected to serve on the board of both companies after the planned separation.

John B. Blystone, 70, has served as a director of Worthington Industries since 1997 and as the Lead Independent Director since January 2007. Blystone is General Partner of Blystone Capital Partners. He served as Chairman of the Board, President and Chief Executive Officer of SPX Corporation, a global provider of technical products and systems, industrial products and services, flow technology, cooling technologies and services and service solutions, from December 1995 to December 2004, when he retired. From 1991 to 1995, Blystone served in various managerial and operating roles with General Electric Company and served as Chairman of the Board of Freedom Group, Inc., from August 2010 to March 2012. He graduated from the University of Pittsburgh with a Bachelor of Science degree.