Worthington Industries, Inc. announced that on June 27, 2023, Peter Karmanos, Jr., 80, notified the Registrant of his intention to retire from the Registrantâs Board of Directors (the âBoardâ) and its committees, effective at the adjournment of the Registrantâs 2023 annual meeting of shareholders. As a result, Mr. Karmanos will not stand for re-election at the 2023 annual meeting of shareholders and, contemporaneous with Mr. Karmanosâ retirement becoming effective, the Board will reduce the number of Board seats from 12 to 11 pursuant to Section 2.02(C) of the Registrantâs Code of Regulations. As disclosed in the Registrantâs Current Report on Form 8-K filed on January 5, 2023, on January 4, 2023, John P. McConnell, Executive Chairman of the Registrant, notified the Board that he intended to step down from the Board in June 2023.
On June 28, 2023, Mr. McConnell notified the Board that he intends to defer his retirement and will remain on the Board to continue providing leadership to the Registrant and the Board in preparation for the planned separation of the Registrantâs Steel Processing business. The effective date of Mr. McConnellâs retirement has not been fixed.