Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, today announced the senior leadership teams for New Worthington and Worthington Steel, effective upon completion of Worthington’s planned separation of the Steel Processing business.
Worthington President and CEO Andy Rose said, “This announcement represents another important step forward in our Worthington 2024 plan. The leadership teams of New Worthington and Worthington Steel reflect the unique focus and strategic priorities of each company, and the leaders named will bring highly relevant industry and functional expertise to their roles. Importantly, these leaders will carry forward our people-first Philosophy, winning culture and the Worthington Business System driven by innovation, transformation and acquisitions for the benefit of each company’s shareholders, customers and employees.”
New Worthington Leadership Team
New Worthington will be a market-leading company with premier brands in attractive end markets in Consumer Products, Building Products and Sustainable Energy Solutions. In addition to President and CEO Andy Rose, the New Worthington leadership team will comprise the following:
Joe Hayek, Executive Vice President and Chief Financial and Operations Officer: Hayek has been with Worthington since 2014 and was named vice president and chief financial officer in November 2018. Prior to Worthington, Hayek held leadership roles at PCM, Inc. and spent 10 years in investment banking with Raymond James.
Eric Smolenski, President, Building Products and Sustainable Energy Solutions: Smolenski joined Worthington Industries in 1994 and has served in several leadership roles across the organization including vice president of Human Resources, Chief Information Officer and president of Pressure Cylinders. He was named president of Building Products and Sustainable Energy Solutions in June 2021.
Steve Caravati, President, Consumer Products: Since joining Worthington over 17 years ago, Caravati has taken on several roles within Worthington’s Consumer Products business, including national account manager, director of sales, product director, business director and general manager. He was named president of Consumer Products in June 2021.
Sonya Higginbotham, Senior Vice President and Chief of Corporate Affairs, Communications and Sustainability: Higginbotham joined Worthington in 1997 and in 1999 helped form Worthington’s Corporate Communications department. She was named vice president of Corporate Communications and Brand Management in September 2018 and leads Worthington’s internal and external communications, brand strategy, marketing, government relations, philanthropic activities and most recently, sustainability initiatives.
Worthington Steel Leadership Team
Following the separation, Worthington Steel will be a best-in-class, value-added steel processor and producer of electrical steel laminations and automotive lightweighting solutions, positioned to capitalize on expanding opportunities in electrification, sustainability and infrastructure spending. In addition to President and CEO Geoff Gilmore, the Worthington Steel leadership team will comprise the following:
Tim Adams, Vice President and Chief Financial Officer: Adams joined Worthington as a financial analyst in 1998 and has served in multiple roles of increasing responsibility in the Financial Planning and Analysis group. He was named vice president of Strategy and Corporate Development for the Steel Processing business in 2012 and is responsible for strategic planning as well as mergers and acquisitions and business development.
Jeff Klingler, Executive Vice President and Chief Operating Officer: Klingler first joined Worthington in 1992 starting on the production floor before rising up the sales ranks. After 15 years with Worthington, he left to join Banner Service Corporation as vice president of Sales, Marketing and Procurement. He returned to Worthington in 2014 and led the creation of Steel Processing’s supply chain solutions strategic business unit. In May 2019, Klingler was named president of Steel Processing.
As previously announced, the Worthington 2024 plan will result in two independent, publicly traded companies that are more specialized and fit-for-purpose, with enhanced prospects for growth and value creation. Worthington plans to effect the separation via a distribution of stock of the Steel Processing business, which is expected to be tax-free to shareholders for U.S. federal income tax purposes. Worthington remains on track to complete the separation by early 2024, subject to, among other things, general market conditions, finalization of the capital structure of the two companies, completion of steps necessary to qualify the separation as a tax-free transaction, receipt of regulatory approvals and final approval by the Company’s Board of Directors. A dedicated area of the Company’s website will have more information as it is available at www.WorthingtonIndustries.com/ W24.
Related Worthington 2024 Activities: Commitment to Setting Science-Based Targets for GHG Emissions Reduction
The Company also today announced that New Worthington and Worthington Steel will each set its own greenhouse gas (GHG) emissions reduction targets aligned with a 1.5 degree Celsius science-based target, with a goal to achieve net-zero emissions by 2050. In connection with this commitment, Worthington will delay setting reduction targets and applying to the Science Based Targets initiative (SBTi). New Worthington and Worthington Steel will instead apply as independent companies following the completion of the planned separation. Each company will conduct an environmental, social and governance (ESG) materiality assessment and assessments of Scopes 1, 2 and 3 calculations, which will be used to establish emissions reduction targets and determine priorities for future action.
About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company pursuing its vision to be the transformative partner to its customers, a positive force for its communities and earn exceptional returns for its shareholders. For over six decades, the Company has been delivering innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington is North America’s premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market. Through on-board fueling systems and gas containment solutions, Worthington serves the growing global hydrogen ecosystem. The Company’s focus on innovation and manufacturing expertise extends to market-leading consumer products in tools, outdoor living and celebrations categories, sold under brand names, Coleman®, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™; as well as market leading building products, including water systems, heating & cooling solutions, architectural and acoustical grid ceilings and metal framing and accessories.
Headquartered in Columbus, Ohio, Worthington operates 52 facilities in 15 states and nine countries, sells into over 90 countries and employs approximately 9,500 people. Founded in 1955, the Company follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and transform, Worthington is committed to providing better solutions for customers and bettering the communities where it operates by reducing waste, supporting community-based non-profits and developing the next generations of makers.
