Leggett Announces Executive Promotions and Board Changes
CARTHAGE, Mo., March 4, 2013 /PRNewswire/ --
- Karl G. Glassman is appointed President of the Company
- Matthew C. Flanigan is appointed Executive Vice President
- Board of Directors anticipates election of David S. Haffner as new Chair at May board meeting
- Haffner, Glassman, and Flanigan execute renewed, 4-year employment agreements
Leggett & Platt's Board of Directors announced the promotion of two senior executives. Karl G. Glassman is promoted to President of the company, and retains his current role as Chief Operating Officer. Glassman has served Leggett & Platt as COO since 2006, as both Executive Vice President and a director since 2002, and in various management roles since 1982.
Matthew C. Flanigan is promoted to Executive Vice President, and retains his current role as Chief Financial Officer. Flanigan has served Leggett & Platt as a director since 2010, as Senior Vice President since 2005, as CFO since 2003, and in other management roles since 1997.
CEO David S. Haffner stated, "We are excited to have individuals of Karl's and Matt's caliber – extremely capable leaders with high integrity, determination, and keen business acumen – continue to lead our company. These two have been instrumental in helping orchestrate a significant change in the company's strategic direction, and have led our team to generate outstanding TSR(1) performance for our investors. We have high expectations of what they will continue to accomplish."
Furthermore, the Nominating Committee of the Board of Directors has recommended, and the full board anticipates, the election of David S. Haffner as Chair at the board's May meeting. Haffner has served Leggett & Platt as CEO since 2006, and will continue in that capacity; he has been a director since 1995, and held various management roles for three decades. Haffner would succeed Richard T. Fisher, whom the Nominating Committee recommended for election as Vice Chair and Lead Director. Fisher has been board Chair since 2008, served as Presiding Director from 2003-2008, and joined the company's board in 1972.
Haffner, Glassman, and Flanigan each executed renewed employment agreements with the company. The new agreements expire in May 2017.
FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer (and member of the S&P 500) that conceives, designs and produces a broad variety of engineered components and products found in most homes, offices, and automobiles. The 130-year-old firm is comprised of 20 business units, 18,000 employee-partners, and 130 manufacturing facilities located in 17 countries.
CONTACT: Investor Relations, (417) 358-8131 or firstname.lastname@example.org
David M. DeSonier, Senior Vice President of Strategy and Investor Relations
Susan R. McCoy, Staff Vice President of Investor Relations
(1) TSR, or Total Shareholder Return = (Change in Stock Price + Dividends) / Beginning Stock Price
SOURCE Leggett & Platt