Leggett & Platt CEO's compensation jumps in first year holding role

SBJ file

Mitch Dolloff succeeded Karl Glassman in the company’s top role at the beginning of 2022.

SBJ file

Karl Glassman was the company’s second-highest paid officer in 2022.

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Last year was Leggett & Platt Inc. (NYSE: LEG) executive Mitch Dolloff's first as CEO, and his compensation jumped accordingly.

Mitch Dolloff, who succeeded Karl Glassman as CEO on Jan. 1, 2022, had a 77% increase in total compensation last year, according to the company's latest proxy filing with the U.S. Securities and Exchange Commission.

Dolloff's total compensation was $7.6 million, up from $4.2 million in 2021. Glassman, who became executive chair when he relinquished the CEO job, saw his compensation drop by 66.5% to $3.1 million last year from $9.2 million in 2021, according to the SEC filing.

The company's top officers identified in the SEC report, by 2022 total compensation, are:
• Dolloff, $7.6 million, up 77%;
• Glassman, $3.1 million, down 66.5%;
• Jeffrey Tate, executive vice president and chief financial officer, $2.55 million, down 1.2%;
• Steven Henderson, executive vice president and president of specialized products and furniture, flooring and textile products, $2.29 million, down less than 1%;
• J. Tyson Hagale, executive vice president and president of bedding products, $1.9 million.

Hagale was not previously a named officer at the company, so his 2021 compensation is not disclosed in the proxy filing.

During 2022, Carthage-based manufacturer Leggett & Platt, reported a 23% drop in profits to $309.8 million, according to past reporting.

LEG shares were trading at $30.92 as of 9:36 a.m., just above the 52-week low of $30.05 per share notched on March 24. The stock's 52-week high is $41.94 per share.