YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG) promoted a longtime employee to chief financial officer.
Benjamin Burns, a company employee since 2003, took on the new role effective June 21, according to a news release.
He succeeds four-year CFO Jeffrey Tate, who departed on the same day. In response to a request for comment, a Leggett & Platt spokesperson provided a U.S. Securities and Exchange Commission filing indicating the company "terminated without cause" the employment of Tate. The filing further states that "Mr. Tate’s termination was not as a result of any disagreement with the company, its management, the board or any committees thereof on any matter related to the company’s operations, policies, internal controls, or financial practices, reporting or performance" and that would he be provided a separation package.
Burns most recently served as the company's executive vice president over business support services.
"He is a 20-year veteran of Leggett & Platt who brings tremendous business, financial, accounting and auditing capabilities, and has proven himself an outstanding leader," President and CEO Mitch Dolloff said in the release. "We have worked closely together, and I have absolute confidence in his ability to successfully lead our finance organization and maintain our strong financial foundation."
Tate's total compensation during 2022 was $2.55 million, a 1.2% dip from 2021, according to past reporting.
"I would like to thank Jeff for his service to the company. He has provided valuable insight with a sharp emphasis on financial stability during uncertain macroeconomic conditions and challenging markets over the past few years," Dolloff said in the release.
The SEC filing indicates Burns’ annual base salary is increasing to $500,000 from $350,000, effective today.
During the first quarter, Leggett & Platt reported net income of $53.5 million, down 41% from $90.4 million a year earlier, according to past reporting.
LEG shares were trading at $29.05 as of 9:32 a.m., compared with a 52-week range of $28.77 to $41.94 per share.
Moseley’s Discount Office Products was purchased; Side Chick opened in Branson; and the Springfield franchise store of NoBaked Cookie Dough changed ownership.
