CARTHAGE, Mo., May 21, 2024
/PRNewswire/ --
- Karl Glassman appointed
President and CEO and will continue to serve as Board Chairman
- Mitch Dolloff resigned as
President and CEO and a member of the Board
Diversified manufacturer Leggett & Platt announced that its
Board of Directors has appointed Karl
Glassman 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."
FOR MORE INFORMATION: Visit Leggett's website at
www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a
diversified manufacturer that designs and produces a broad variety
of engineered components and products that can be found in many
homes and automobiles. The 141-year-old Company is a leading
supplier of bedding components and private label finished goods;
automotive seat comfort and convenience systems; home and work
furniture components; geo components; flooring underlayment;
hydraulic cylinders for material handling and heavy construction
applications; and aerospace tubing and fabricated assemblies.
CONTACT: Investor Relations, (417)
358-8131 or invest@leggett.com
Cassie J. Branscum, Vice President,
Investor Relations
Kolina A. Talbert, Manager, Investor
Relations
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SOURCE Leggett & Platt Incorporated