Wednesday, May 22, 2024

Leggett & Platt CEO resigns effective immediately, Glassman to return as president, CEO


(From Leggett & Platt)

Diversified manufacturer Leggett & Platt announced that its Board of Directors has appointed Karl Glassman (pictured) as President and Chief Executive Officer, effective immediately. Karl will continue to serve as Board Chairman. 

This follows the decision by Mitch Dolloff to resign as Chief Executive Officer and a member the Board, also effective immediately, having mutually agreed with the Board that now is the right time for a change in leadership at Leggett & Platt. Mitch will serve in a consulting capacity for one year to assist in the transition.








Karl has served as an executive director and non-executive director on the Leggett & Platt Board since 2002, and previously served as CEO from 2016 to 2021. Karl has served in other various leadership capacities with the Company over his 42-year tenure, including Chief Operating Officer and President of the former Residential Furnishings segment.

Lead Independent Director Robert Brunner commented, "Karl knows the Company better than anyone, and we are pleased he has agreed to step back into the CEO role. Karl's intimate knowledge of the Company's end-markets and operations, along with his strong relationships with Leggett's customers and employees, will ensure a seamless transition. He embodies Leggett's values and has an impressive track record of creating value and empowering world-class teams. The Board is confident that Karl is the right leader to guide Leggett at this critical time as the Company navigates the current market environment and positions for long-term profitable growth."








"I am honored to return and lead Leggett at this important time for our company," commented Glassman. "The restructuring plan, other operational improvement initiatives, and our focus on strengthening our balance sheet create a clear path toward a more focused, agile company with the ability to deliver improved profitability and enhanced shareholder value. I look forward to working with our talented team to advance our key initiatives and am confident we can build upon Leggett's strong foundation, capitalizing on opportunities ahead."

Brunner continued, "On behalf of the Board, I would like to thank Mitch for his many contributions to Leggett throughout his more than 20 years with the Company. We wish him the very best in his future endeavors."

5 comments:

Anonymous said...

What is the inside story of why Mitch Dolloff is stepping down? I know they have closed a few production facilities, laying off 1,000 plus employees, the stock price is going down, they missed Q1/2024 Revenue Estimates, and they are cutting their dividends.

So, they will bring back Karl Glassman's with an Annual Base Salary of $1.3 Million, plus perks and bonuses on top of that, I am sure that the 1,000 plus employees who lost their jobs feels the pain of Karl Glassman's Low Salary, from which Mitch Dolloff was making.

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.

Anonymous said...

Their stock is a catastrophe and an embarrassment to the entire stock community. The mismanagement of this company (LEG) will be studied in business and economics courses for generations. An absolute pathetic and disgraceful company.

It’s also no secret that one of the LEG heirs is the decades-long chairman of the Freeman Health System board.

Interesting coincidence?

Anonymous said...

12:57PM - Thank you for your insight and I was not aware of the Freeman Connection!

With the ever increasing oversees manufacturing and consumer trends in the last 2-decades, it is important for companies to evaluate, maintain, and look at ever new Revenue Options. You cannot live off your past history of products.

Anonymous said...

12:57 True. Lancy boy married into the fam. He is such a joke. Mr. Bigwig.

Anonymous said...

So what?