Tuesday, April 03, 2007

Correction offered on Leggett & Platt pay story: Haffner only made $3 million last year

Prior to the impression left by a post on the March 29 Turner Report, David Haffner, CEO of Carthage-based Fortune 500 company Leggett & Platt, only made $3 million last year, not $4.2 million.
The correction was made today by the Associated Press:

Haffner, 54, received a salary of $753,041 and non-equity incentive plan compensation of $499,100, according to the company's filing with the Securities and Exchange Commission. The CEO deferred about $1.2 million of his cash compensation and in lieu of that received an option grant valued by the company at $1.5 million.

Haffner also received "other compensation" totaling $172,224, which included matching contributions to an executive stock program, insurance and retirement plan benefits, fees for service as a director and tax gross-ups.

Haffner's compensation also included stock options and awards valued at about $2.8 million on the day they were granted. This amount includes the $1.5 million in options received in lieu of $1.2 million of cash compensation.

1 comment:

Anonymous said...

"Only" made $3,000,000. I believe that comes out to about $57,692 a week? Hard to imagine getting that much and having that much to spend.