Leggett & Platt compensation shuffles amid officer changes

Karl Glassman's total compensation slid 3.5% to $10.2 million in 2019.

Leggett & Platt Inc. (NYSE: LEG) reported some significant shifts in 2019 total compensation as its executive team changed up its ranks and titles.

CEO Karl Glassman remained the highest paid executive at the Carthage-based manufacturer of engineered components and products for homes, offices and vehicles. However, his total compensation declined 3.5% to $10.2 million, due to a drop in stock awards last year, according to a filing made this morning with the U.S. Securities and Exchange Commission.

Below are Leggett & Platt's top executives, by total 2019 compensation and percent change:
• Glassman, $10.2 million, down 3.5%;
• Mitch Dolloff, president and chief operating officer, $3.9 million, up 28.4%;
• Perry Davis, senior vice president of operations, $2.8 million, down 8%;
• Jeffrey Tate, chief financial officer, $2.3 million, N/A;
• Scott Douglas, general counsel, $1.8 million, up 14.4%; and
• Matthew Flanigan, former chief financial officer, $1.7 million, down 52%.

Executive compensation was impacted by several changes in Leggett & Platt's C-suite.

Glassman on Jan. 1 took on the board chairman position in addition to his CEO role, relinquishing the president title to Dolloff. Tate started in September as CFO, succeeding the retiring Flanigan. Additionally, Davis was named senior vice president of operations in 2019 before his Feb. 7 retirement this year, according to the SEC filing.

In 2019, Leggett & Platt's earnings grew 9% to $333.8 million.

LEG shares were trading at $27.27 as of 9:32 a.m., compared with a 52-week range of $22.03 to $55.42. The company's shares in March fell by 29% through yesterday's high price of $28.57 per share, amid a stock market drop caused by the coronavirus outbreak.