Leggett & Platt Inc. (NYSE: LEG) announced an executive shakeup involving the company's five-year CEO.
Karl Glassman is slated to retire as CEO at year's end and become executive chair of the company's board of directors, according to a news release. He'll be succeeded Jan. 1 as CEO by Mitch Dolloff, the company's chief operating officer, who will maintain the role of president he took on in early 2020.
"This represents the culmination of many years of close collaboration and is in keeping with our history of long-term succession planning," Glassman said in the release. "Throughout his career, Mitch has proven himself as a strong leader."
Glassman has been a Leggett & Platt employee for nearly 40 years, taking on the CEO job in 2016.
A Leggett & Platt employee since 2000, Dolloff additionally became a company board member last year, according to the release.
"As CEO, Mitch will bring extensive company knowledge, as well as a broad understanding of the global landscape," said Judy Odom, lead independent director for the board, in the release.
Glassman and Dolloff are the two top-paid executives at Leggett & Platt, according to past Springfield Business Journal reporting. A proxy filing earlier this year showed Glassman made total compensation of $8.7 million in 2020, followed by Dolloff's $3.7 million.
Leggett & Platt recently reported a 9% dip in third-quarter profits to $97.2 million. The Carthage-based company, which manufactures engineered components and products for homes, offices and vehicles, has 20,000 employees and more than 130 manufacturing facilities in 18 countries.
LEG shares were trading at $43.54 as of 10:21 a.m., compared with a 52-week range of $39.25 to $59.16 per share.
County lockup comes in on time and under budget.