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Fortune 500 firm exec joins Leggett & Platt board

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An executive with Fortune 500 corporation Cummins Inc. (NYSE: CMI) joined the board of directors for Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG).

The appointment of Srikanth Padmanabhan, 54, was made effective Aug. 3. Padmanabhan is vice president of Cummins Inc. and president of the corporation’s engines business. The engines unit, according to a news release, is the largest of Cummins’ four business segments.

"Srikanth brings extensive experience in managing operations, technology and innovation across a multibillion-dollar global business," Leggett & Platt board Chairman Ted Enloe said in the release.  "We are extremely pleased to have him join our board."

Padmanabhan became the 10th member of the Leggett & Platt board, which includes CEO Karl Glassman and Chief Financial Officer Matthew Flanigan, according to the company’s website.

He was chosen as an addition to the board following a national search led by Philadelphia-based Diversified Search Inc., according to the release.

Cummins Inc. this year ranked 149th on the Fortune 500 with $20.4 billion in revenue. Leggett & Platt placed 609th with $3.9 billion in revenue.

Leggett & Platt recently reported a 3 percent dip in second-quarter earnings to $85 million.

LEG shares were trading at $43.91 as of 10:56 a.m., compared with a 52-week range of $39.57 to $51.99.

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