Leggett chairman to leave; dividend declared

Also leaving the board will be chairman emeritus Harry Cornell, grandson of company founder J.P. Leggett, who joined the company in 1950.

The board of directors’ nominating committee recommended Richard Fisher, presiding director on the board, for election as independent chair at Leggett’s next quarterly board meeting.

The board also authorized an increase in the company’s 2008 share repurchase authorization. Leggett now can purchase up to 30 million shares, or 18 percent, of its outstanding stock, though no purchasing decisions have been made, according to a company news release.

The Carthage-based manufacturer has declared a first-quarter dividend of 25 cents per share, compared to 17 cents per share a year ago. It will be paid April 15 to shareholders of record on March 14.

Shares (NYSE: LEG) closed Thursday at $17.04, compared to a 52-week range of $15.50 to $24.73.