Mr. Iggy Domagalski reports

WAJAX ANNOUNCES CEO SUCCESSION PROCESS

Wajax Corp.'s board of directors and Iggy Domagalski, president and chief executive officer, have jointly agreed to initiate a CEO succession process. As part of this planned transition, Mr. Domagalski will continue to serve as president and CEO and a director of Wajax until the conclusion of the process, ensuring continuity and a seamless handover of responsibilities.

"Since being appointed president and CEO in early 2022, Iggy has successfully guided Wajax through significant challenge and change with exceptional dedication," said Edward Barrett, board chair. "His steady leadership during the postpandemic period was instrumental in managing Wajax's response to pent-up industrial demand in many key markets. Over the past year, he successfully led efforts to reduce inventory and strengthen our balance sheet, substantially completed the rollout of Wajax's new ERP system and appointed an experienced chief operating officer to focus on operational excellence and building organizational capabilities. Under his direction, Wajax has streamlined back-office operations, improved cost and inventory discipline, and prioritized the development of our people. He has also championed enhancements to employee health and wellness, as well as broader community initiatives. In short, Iggy has established a solid foundation that positions Wajax for its next phase of growth.

"With this foundation in place, the board's intent is to identify a CEO with experience that aligns with Wajax's next phase -- someone focused on accelerating Wajax's growth trajectory and capitalizing on emerging opportunities. This transition is not about changing direction, but about building strategically on the momentum created under Iggy's leadership," Mr. Barrett continued. "On behalf of the board, I want to thank Iggy for 17 years of service within the Tundra and Wajax organizations, and for his steady leadership and unwavering commitment to the Wajax team. In line with this dedication, Iggy will remain in his role during the search for his successor to ensure a smooth transition."

"This is the right time to begin an orderly CEO succession process," said Mr. Domagalski. "Wajax is performing well, achieving solid operating and financial results, and maintaining a healthy balance sheet. These strengths make it possible to focus on the future and begin a leadership transition. I am extremely proud of what we have accomplished together and am grateful to all of my colleagues for the tremendous talent and dedication they bring to work every day. It has been a privilege to serve such a respected company -- one that has helped shape Canada's industrial landscape for generations." He continued: "On a personal level, I feel this is the appropriate moment to make this transition. I intend to remain a significant shareholder in the company and look forward to working closely with the board and management team in the coming months to ensure a smooth and effective succession."

The board of directors has engaged a leading executive search firm to conduct the CEO search process. The new CEO will continue to pursue and accelerate Wajax's strategy of organic growth within its current businesses, expanding its industrial parts and engineered repair services portfolio through strategic acquisitions, and driving additional efficiencies in its operating model. The search process is expected to be completed in the first quarter of 2026.

About Wajax Corp.

Founded in 1858, Wajax is one of Canada's longest-standing and most diversified industrial products and services providers. The corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas.

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