Worthington Enterprises, Inc. (NYSE: WOR) has announced the appointment of Joseph Hayek as its new President and Chief Executive Officer, effective from November 1, 2024. Hayek, who currently serves as the company's Executive Vice President, Chief Financial and Operations Officer, will be succeeding Andy Rose, who is retiring.
Hayek, with his extensive experience in the company, has been credited with playing a significant role in the successful completion of the strategic initiative known as "Worthington 2024." His leadership abilities and deep understanding of the business have earned him the respect of the board, employees, and the investment community.
Colin Souza, currently the Vice President of Finance, will take over as the new Vice President and Chief Financial Officer of Worthington Enterprises, effective from the same date. Souza has been with the company since 2011 and has held various finance and strategy roles. He holds a Bachelor's degree in finance and economics, a Master's degree in Business Administration from the Ohio State University, and a Chartered Financial Analyst (CFA) designation.
Worthington Enterprises, a designer and manufacturer of market-leading brands in building and consumer products segments, has a portfolio that includes well-known brands such as Coleman, Comet, and Garden-Weasel. The company also has a joint venture focused on the growing global hydrogen ecosystem.
Worthington Enterprises has achieved record profits through the COVID era and successfully completed the strategic initiative that resulted in the separation of the steel processing business, creating two standalone, public companies. This initiative unlocked over $1 billion in shareholder value.
The company is committed to leveraging its performance-based culture and business system of transformation, innovation, and M&A to deliver solid returns for its shareholders.
Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe. Founded in 1955, the company follows a people-first philosophy and aims to improve everyday life through leading brands in attractive markets.
As a market-leading consumer and building products company, Worthington Enterprises is well-positioned for growth, and the leadership transition is expected to be seamless and effective. The market has reacted to these announcements by moving the company's shares -5.4% to a price of $39.37. If you want to know more, read the company's complete 8-K report here.
