Being CEO at Carthage-based Leggett & Platt is a high-paying job- even if you fail miserably.
That was the case for Mitch Dolloff, who resigned this week and hit the jackpot during the company's negotiations to get rid of him.
According to a filing with the Securities and Exchange Commission, Mitch Dolloff will receive the following packageL
-He will receive a "consulting fee" of $1,120,000 for one year.
-He will receive the bonus for this year, as if he had been here the entire year.
-A lump sum payment to cover his COBRA health insurance costs.
-Four weeks of vacation time
In exchange for that payment, Dolloff agrees not to work for a competitor and the company agrees not to say bad things about Dolloff.
Nice non-work if you can get it.
17 comments:
Are you kidding me!!! Leggett does nothing for the people who works hard for them!!!
They do nothing for the community either.
Why would they prohibit him from working at a competitor? If he did as much at the next company as he did at L&P, it would be just that much better for L&P in the end
Wish I could fail like that just once
WOW - How Great to be a Public Company's Corporate Screw Up and the Money you can Make by Running it into the Ground because you are Incompetent - The Salary, The Perks - The Bonuses, Free Health Insurance, Vacations, Not Getting Fired and 1-Year of Salary to do Nothing. All of this in less than 4.5 Years - Don't worry other Stupid Public Companies will be waiting in line to Hire Former CEO Mitch Dolloff as soon as his 1-Year Non-Compete is done with Leggett and Platt.
I have divested my entire Leggett and Platt Stock Holdings in 2023, there stock was at $57/Share in May 2021 - Today it is at $10.64/Share - and was one of the Top Stock Dividend Paying Companies on the Stock Exchange and was southwest Missouri's only homegrown Fortune 500 Publicly Traded Company - Many People had invested their money in their Stock and Retired comfortably - NOT ANYMORE. Not only is Former CEO Mitch Dolloff responsible, but the entire Leggett and Platt, Board of Directors, who clearly let the direction of this One Time Great Company run a ground.
Leggett & Platt's previous CEO, Mitch Dolloff, appointed in Jan 2020, has a tenure of 4.33 years. total yearly compensation is $7.35M, comprised of 15.2% salary and 84.8% bonuses, including company stock and options.
Not bad Income for someone who ran the Company into the ground, plus he gets a Salary for a 1-year consulting job with Leggett & Platt, assisting in the transition of the previous CEO.
When will these Public Companies learn to cut themselves off from Leaders and Management that do not know how to run a Business? Maybe the shareholders needs to review who is on the Board of Directors making all of these Bad Decisions.
Folks a job is a job, a business job is to make money, it’s not to improve the community, it’s not make everyone happy. If employees are getting their paychecks so be it. If they are not happy they can get another job. It’s that simple. There is not one job out there that is perfect, there is just a lot more crybabies. If you have a perfect job let us know where it is
EVERBODY'S GETTING PAID!!!
Unless, you are actually doing some real work, and expecially if you are actually doing some real work and get laid off like the real people do.
Then you get the shaft, instead of the golden parachute!
That's funny.
I'm a current employee. This is BS. Mr Glassman only plans to be in for two years, what kind of improvement are you going to make in that short of time? Our CFO left abruptly about a year ago. Something is very wrong here. And, it looks like it's only going to get worse.
Private Equity firms are probably reaching out.
You're out of line, sir.
Good Point - 4:55AM, Private Equity is probably circling, and they are ripe for a take-over / sell-off and buy-out, by these Institutional Investors. Today's Boards of Directors are more Glam than Substance. They are paid to sit on the Board, not Rock the Boat so they can set on other Company Boards, by enhancing their Resumes and Receiving Compensation for their Services.
A board of directors has three formal responsibilities. They are to oversee the management of the company, to approve corporate strategy, and to make sure the financial statements are accurate (Of course using Outside Accounting Firms to do the Official Signoffs).
This is what happened to one of the Stupidest Boards Ever - Tesla's Board of Directors Voted to give Elon Musk $46-Billion Dollars' worth of Compensation. This is Ridiculous, the Shareholders (whose money this is - Not the Boards) did take this Decision to Court and the Courts Ruled in the Shareholders Favor that this Pay Package was Illegal.
Maybe the Shareholders of Leggett and Platt, need to step-up and request or replace Board Members, Corporate Leaders and/or File Class Actions for the Mis-Management of their Investments.
The Vulture Capitalists are always circling!
No I’m highly accurate, call the feelings police on me.
LEG is a miserable failure of a company. I fear the stock will be in single digits soon and will likely eventually be forced to file Chapter 11 bankruptcy protection.
Truly run by low-IQ people with no ability to compete in this space.
Mitch Dolloff never should have been named CEO but he was because of the success of the automotive division. The achievements of this division where not of Mitch's doing and were set into motion before he ever took the helm. He was just along for the ride and benefited greatly from it.
The other issue is Ben Burns becoming CEO. Ben has absolutely no business being CFO and needs to be the next one to go along with Ryan Kleiboker.
Deterioration began when Harry and Felix departed.
They need a class action suit for corporate negligence. It’s in the works.
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