Total compensation reported at $22M for top Leggett & Platt execs

SBJ file

Karl Glassman earned total compensation of $9.9 million in 2024.

The installation of a new CEO in 2024 was among moves that impacted total executive compensation at Carthage-based manufacturer Leggett & Platt Inc. (NYSE: LEG).

The top C-suite leaders at Leggett & Platt, referred to as named executive officers in the company's annual proxy filing made last month with the U.S. Securities and Exchange Commission, had combined total compensation in 2024 of $22 million. That compares with $16.8 million in 2023, according to past reporting.

Karl Glassman, who returned as president and CEO in May 2024 after previously retiring from the company's top job, was the top-paid officer at Leggett & Platt in 2024. The proxy filing indicates Glassman's total compensation last year was roughly $9.9 million, up from $1.2 million in 2023, when he was a board member at the company.

Glassman stayed on as a board member when he was succeeded in early 2022 by CEO Mitch Dolloff. The company announced last year that Dolloff exited the company as Glassman stepped in amid a restructuring plan.

Leggett & Platt's top executives, by 2024 total compensation reported in the proxy filing, are as follows:
• Glassman, president and CEO, $9.9 million, up 694.8%
• Dolloff, former president and CEO, $5.7 million, down 22%
• Benjamin Burns, executive vice president and chief financial officer, $1.8 million, up 64.4%
• Tyson Hagale, executive vice president and president of bedding products, $1.8 million, up 5.9%
• Jennifer Davis, executive vice president and general counsel, $1.4 million
• R. Samuel Smith Jr., executive vice president and president of specialized products and furniture, flooring and textile products, $1.5 million

Davis and Smith were not previously named executive officers, so prior-year data is not available in the proxy filing.

During 2024, Leggett & Platt posted a 2024 net loss of $511.5 million, which compares with a net loss of $136.8 million in 2023.

LEG shares were trading at $6.87 as of 11:12 a.m., compared with a 52-week range of $6.66 to $18.52 per share.