Thursday, July 09, 2020

Complete salaries of top Leggett & Platt officials restored after brief cut due to pandemic

At the same time that word is circulating around the Carthage community that some of the layoffs that took place during the early days of the pandemic are being made permanent, the company has withdrawn the pay cuts that were previously given to Leggett & Platt's top executives, restoring them to their full compensation.

The decision was noted in a June 30 filing with the Securities and Exchange Commission.








Initially, the base salaries of Karl Glassman (pictured), chairman and CEO, J. Mitchell Dolloff, president and chief operating officer-bedding products, Jeffrey Tate, executive vice president and chief financial officer and Scott Douglas, vice president, general counsel and secretary were reduced by 50 percent effective April 12.

That decision was rescinded during a June 29 meeting of the Compensation Committee of Leggett's Board of Directors.

Glassman, whose pay was reduced to $612,500, was restored to $1,225,000, while Dolloff improved from $350,000 to $700,000, Tate from $285,000 to $570,000 and Douglas from $225,000 to $450,000.


  



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7 comments:

  1. Anonymous9:30 AM

    What a sacrifice! They were able to restore their salaries after they laid off over 100 employees at their Corporate location.

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  2. Anonymous10:04 AM

    Terrible. A third of their corporate IT department were laid off, including me. With that much salary they could've brought us back. I know they suffered for a while. Projects were abandoned by people who have been working on them for a long time.

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  3. Crews Minon11:19 AM

    The little people do the work and the big people get the money what a shame it's not fair and not right

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  4. Anonymous7:20 AM

    People seem to love capitalism but somehow hate exactly what it promotes. This.

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  5. Anonymous9:16 PM

    These people have worked their entire lives to get where they are. They work for the money they earn just like everyone else. They did not have to take pay cuts but did for the good of the company they have devoted their lives to.

    ReplyDelete
  6. Anonymous5:00 AM

    Remember the Golden Rule! Whoever has the gold, makes the rules! https://economicsociology.org/2015/08/28/remember-the-golden-rule-whoever-has-the-gold-makes-the-rules/

    ReplyDelete
  7. Anonymous9:37 AM

    Jealousy will destroy us or so she used to say...

    ReplyDelete