Felix Wright leaves executive position at Leggett & Platt

As of today, Felix Wright, who has been with Carthage-based Fortune 500 company Leggett & Platt since 1959, will no longer serve as an executive officer, according to a filing Thursday with the Securities and Exchange Commission.
Wright served Leggett as CEO from 1999 until last year, when he handed the baton to David Haffner.
According to the SEC filing, beginning today, Wright will serve as a consultant to the company for the next two years. He will continue as chairman of the Board of Directors:

As an employee-consultant, Mr. Wright will report to the Chief Executive Officer of the Company. He will be paid an amount during the first and second years of consultation equal to 75% and 60%, respectively, of his highest consecutive five-year average earnings. Earnings include only salary and bonus.