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Leggett & Platt awards shares to top execs

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Leggett & Platt Inc. (NYSE: LEG) recently awarded company shares to its top executives, including its retiring chief financial officer.

In total, eight executives on Aug. 30 received more than 2,300 shares valued at nearly $70,000, according to filings made yesterday with the U.S. Securities and Exchange Commission. Wendy Watson, director of investor relations, said the executives deferred portions of their compensation for the shares, which were purchased at a discount.

Under the SEC transaction code M, officers can execute their rights to buy shares at set rates — like those awarded last month to Leggett & Platt executives — and sell them at market prices, netting a profit on the difference. They also can hold the shares for their retirement portfolios, Watson said.

Leading the list of executives at the Carthage-based manufacturer is President and CEO Karl Glassman, who was awarded more than 1,106 shares valued at $33,068, according to an SEC filing.

Outgoing CFO Matthew Flanigan was awarded more than 772 shares valued at $23,042, according to a separate filing. He was succeeded yesterday by Jeffrey Tate, who came to Leggett & Platt from The Dow Chemical Co., where he worked for 27 years, Springfield Business Journal previously reported. Flanigan is slated to stay at the company for a transitionary period.

The other executives who were awarded shares, by total value as of Aug. 30, are:
• Russell Iorio, senior vice president of corporate development, $10,030;
• J. Mitchell Dolloff, chief operating officer, $1,097;
• Perry Davis, executive vice president, $962;
• Scott Douglas, general counsel, $750;
• Tammy Trent, chief accounting officer, $468; and
• Susan McCoy, senior vice president of investor relations, $423.

Leggett & Platt also started August with stock awards, issuing the same executives more than 2,250 shares valued together at nearly $70,000 as of Aug. 2, according to past SBJ reporting.

The manufacturer of engineered components and products for homes, offices and vehicles in July reported a 1% increase in second-quarter earnings to $86.2 million.

LEG shares were trading at $36.82 as of 10:47 a.m., compared with a 52-week range of $33.48 to $46.57.

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