ShawCor Announces Retirement of its Chair and Vice Chair

(TSX: SCL)

TORONTO, April 15, 2013 /PRNewswire/ - ShawCor Ltd (TSX: SCL) ("ShawCor" or the "Company") announced today that Ms. Virginia L. Shaw and Mr. Leslie W. J. Hutchison, the Chair and Vice Chair, respectively, of the Company's Board of Directors, have advised that they would not stand for re-election to the Board at the Company's annual meeting of shareholders scheduled for May 16, 2013.  All other current ShawCor directors will be standing for re-election.

Ms. Shaw has been a director of the Company since 1994 and its Chair since 2007.  She was preceded as Chair by her father, Leslie Shaw (1987 to 2007) and her uncle, JR Shaw (1969 to 1987).  Mr. Hutchison has been a director and Vice Chair of the Company since 2008 and from 2001 to 2008 he served as a senior executive with two of the Company's divisions.

The ShawCor Board of Directors would like to thank Ms. Shaw and Mr. Hutchison, on behalf of all ShawCor shareholders, management and employees, for their long and dedicated service to the Company and would also like to acknowledge the leadership and commitment to ShawCor of the Shaw family since ShawCor's inception as a public company in 1969. Including stock splits and reinvestment of dividends, the Company has generated an average annual total return to shareholders of 13.7% from February 1969 to the end of 2012.  This performance represents an enduring legacy of the Shaw family's stewardship of ShawCor.

SOURCE ShawCor Ltd.