LEG

Leggett & Platt Appoints Karl Glassman as President and CEO

Leggett & Platt has undergone significant changes in its leadership, with Karl Glassman being appointed as President and CEO, and continuing to serve as Board Chairman. This follows the resignation of Mitch Dolloff as President and CEO and a member of the board. Karl Glassman previously served as CEO from 2016 to 2021 and has an extensive 42-year tenure with the company, having held various leadership roles, including Chief Operating Officer and President of the former residential furnishings segment.

In response to these changes, Lead Independent Director Robert Brunner expressed confidence in Glassman's ability to lead the company through the current market environment and drive long-term profitable growth. Glassman himself highlighted the company's restructuring plan, operational improvement initiatives, and focus on strengthening the balance sheet as key factors in delivering improved profitability and enhanced shareholder value.

The board also expressed gratitude towards Mitch Dolloff for his contributions to Leggett throughout his more than 20 years with the company.

These changes in leadership come at a crucial time for the company, with a renewed focus on creating a more focused, agile organization capable of capitalizing on future opportunities and building upon Leggett's strong foundation. Following these announcements, the company's shares moved -3.2%, and are now trading at a price of $11.52. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.

IN FOCUS