Ryerson Holding Corporation (NYSE:RYI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Changes to Executives’ and Board of Directors’ Compensation
On April 17, 2020, Edward J. Lehner, President and Chief Executive Officer of Ryerson Holding Corporation (the “Corporation”), informed the Compensation Committee (the “Committee”) of the Corporation’s Board of Directors that, in light of the COVID-19 pandemic and its potential impact on the Corporation’s business and industry, the Corporation’s executive management team as named below (collectively, the “Key Executives”) requested to have their annual base salaries reduced by the amounts opposite their respective names below and to postpone their scheduled annual salary increases:
In addition, the Corporation recommended a 30% reduction in the Board of Directors’ annual cash retainer and meeting fees. The Committee approved these changes to the Key Executives’ compensation and the Board of Directors’ fees for a period of six (6) months, unless otherwise determined by the Committee. All other elements of the Key Executives’ and Board of Directors’ compensation remain unchanged.
Eddie Lehner commented, “I want to thank our Board of Directors, Senior Management Team and my Ryerson Teammates for working together in solidarity and determinedly in taking the measures necessary to sustain and enable our organization to navigate these difficult and uncertain times. As we have often discussed internally since the COVID-19 pandemic began, shared sacrifice means Ryerson leadership must place itself unflinchingly at the front of the line. We extend our heartfelt gratitude to every person risking their own well-being on the front-line response to this public health emergency and we look forward to being with all of you in safer and easier times.”
About Ryerson Holding Corporation (NYSE:RYI)
Ryerson Holding Corporation (Ryerson Holding) is a service center company for carbon and stainless steel, as well as aluminum. The Company processes and distributes a full line of over 70,000 products in stainless steel, aluminum, carbon steel and alloy steels, and a limited line of nickel and red metals in various shapes and forms. It operates in the metal service centers segment. In addition to providing a range of flat and long metals products, it offers various value-added processing and fabrication services, such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting, edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to radius and beveling to process materials to a specified thickness, length, width, shape and surface quality pursuant to specific customer orders. It owns, leases or contracts a fleet of tractors and trailers.