Clarcor hikes dividend

Board elects lead director as CEO Conway named chairman

The board of Clarcor this week voted to hike the manufacturer’s quarterly dividend to 13.5 cents per share from 12 cents.

The new payout, which will go to shareholders of record on Oct. 8, extends an annual streak of increasing dividends that started in 1983. Based on the price of Clarcor shares (Ticker: CLC) Thursday afternoon, the higher payout rate will lift the company's dividend yield to 1.2 percent.

Clarcor directors also have voted to make President and CEO Chris Conway chairman of the board when Executive Chairman and former CEO Norm Johnson retires later this year. In addition, independent director Robert Burgstahler has been named to the newly created position of lead director.