Carthage-based Leggett & Platt's CEO Karl Glassman made $10,193,212 in total compensation, according to a definitive proxy statement filed Tuesday with the Securities and Exchange Commission.
Whether that indicated rough times for Glassman, it's hard to tell, but his compensation package fell from the previous year when he received $10,567,930.
The lion's share of the money, $6,117,860, came in stock awards to go along with Glassman's base salary of $1,225,000, a $1,908,060 bonus, $163,146 in a change in the value of his pension and $779,556 in "all other compensation."
That total included $69,699 in executive "perks," which are described in the statement as being "use of a Company car, product samples, and limited personal use of corporate aircraft by the CEO. Mr. Glassman’s use of corporate aircraft for personal travel by him and his guests, subject to the aircraft not being scheduled for business purposes(.)"
Leggett & Platt puts a strict requirement on the use of that corporate jet, according to the statement. Glassman is limited to 100,000 miles annually.
While workers across the United States are losing their jobs or are concerned about losing their jobs, even CEOs aren't immune, so fortunately Leggett & Platt has provided Glassman with a soft landing should he ever lose his job.
If the company changes hands and Glassman finds himself out of a job, he will receive an $18,880, 951 benefits package, including $5,390,000. Thankfully, if that situation occurs next week, Glassman would not be put in a position where he would have to wait for the government to send a $1,200 check.
Glassman would also continue to have his health and life insurance covered "through the protected period under the severance agreements," according to the statement."
The proxy statement also includes a comparison between Glassman's compensation package and that which is afford to a "median" company employee:
The annual compensation of Leggett’s Chief Executive Officer for 2019 (as set forth in the Summary Compensation Table on page 42, plus the value of employer-provided health benefits) was $10,204,342, and the annual compensation for our median employee (including employer-provided health benefits) was $36,441 resulting in a ratio of 280 to 1.
13 comments:
Hard times affect everyone equally. I don't think the average person understands this fact. Imagine the stress of worrying how keep earning your ten million dollars a year in times like these. Thoughts and prayers for this poor fellow and his family.
A persons financial worth is what someone is willing to pay them. Who in their right mind wouldn't take this kind of compensation package if it were offered to them. Perhaps instead of singling out this person for doing what most would if they were in his shoes you might consider taking it a step further and actually ask the more important question, that being "why is L&P willing to pay such an exorbitant amount when there are almost certainly others who could do the same job or better for less money?" Sorry Randy but in your attempt to stoke class warfare you've singled out the wrong person(s).
This is lazy reporting. You could literally just google this and find it out.
As an exercise, try a google search for "[Any public company] CEO compensation" and you'll find several websites clamoring to show you the info.
What exactly is the nature of your beef 4:47?
Are you upset that Mr Turner accessed the appropriate 14A filing at the SEC website and then based his post on the actual Leggett and Platt SEC filing?
Are you actually criticizing that he didn't take the information from another website rather than from the original source filing?
Or are you just the typical whiner that frequently appears here robotically filing your whine of the day?
Or are you a corporate shill?
Whoops! The corporate shill might be here already!
One things for sure, the SW MO area is plumb overrun with successful investment bankers and venture capitalists!
Karl is one of the most genuine, humble persons I know and honestly, worth every penny of his compensation. He could have made more money somewhere else, but instead stayed and continues to make our company successful. Not only that, Leggett contributes greatly to the surrounding communities. I think you singled out the wrong CEO if you are wanting to make him out to be a money hungry executive. The responsibility of tens of thousands of employees around the world, especially in this current environment, has to be extremely difficult. I, for one, am glad that he is in this position. Try being a kind human, Randy!
On one hand, that's an impressive feat, putting hin in the upper echelon of income earners in the nation. On the other hand, that's a lot of bedding they must sell to retain this guy.
Actually I find it absolutely disgusting on many levels. No one needs that much money. No one deserves that much money. 280-to-1... meaning it would take the average employee 280 years to make what he makes in one year. I suppose this is why I work for myself; I don't believe we are meant to spend our lives toiling to make someone else rich.
@Jenn
He can't. This is the closest thing to power Randy will ever feel.
This is what it looks like when a hall monitor grows up.
And lol at me being a shill. I'll bully the hall monitor for free any day of the week and twice on Sunday!
Be like Randy or be a lickspittle for some overpaid corporate executive?
Hmmmmm.
>>>I'll bully the hall monitor for free any day of the week and twice on Sunday!
I bet you were one of those big sh*t talkers in high school too.
@7:33 And I bet you were an absolute "victim" in high school.
Come on down to Randy's House of Class Envy! Where the underachiever and the disgruntled, rule breaking employee can find hope!
@9:40- No. I offered to dish it out a few times if they wanted some. Never had a taker. Keep sh*t talking though. Just like a good little Trumpaloo.
Most of the people who were @ssholes in high school are trumpers now. That's a fact jack!
Karl Glassman is one of the best things to ever happen to Leggett. He has given 30 plus years of his life to the company. He is the first one in and the last one out and often works seven days a week. Leggett obviously thinks he is worth the money and I can assure you he is. He could make much more elsewhere but sticks with Leggett because he loves Leggett and its people. Anyone that actually knows him, which you obviously do not, knows what a great man he is. Sounds like you need to find some real news or perhaps a new job.
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