Leggett & Platt hires new CFO

Photo courtesy Chemical Bank

Jeffrey Tate takes over as Leggett & Platt’s chief financial officer on Sept. 3.

Photo courtesy LinkedIn

Matthew Flanigan is retiring after holding the CFO job since 2003.

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Carthage-based manufacturer Leggett & Platt Inc.’s (NYSE: LEG) second-highest paid executive is retiring, and his successor has been named.

Jeffrey Tate is scheduled to start as chief financial officer and executive vice president on Sept. 3. He succeeds Matthew Flanigan, who announced his retirement last year after holding the CFO position since 2003.

“Matt Flanigan will remain with the company for a period of time to assist with the transition,” Leggett & Platt President and CEO Karl Glassman said in a news release. “We would like to again thank Matt for his many contributions to the success of Leggett over the past 22 years and wish him and his family all the best in his retirement."

Tate comes to Leggett & Platt from The Dow Chemical Co., where he’s worked for 27 years, most recently as vice president and business CFO for packaging and specialty plastics, the company’s largest operating segment.

“He brings tremendous strategic and financial capabilities, is well-aligned with our culture and will be a strong addition to Leggett's senior management team,” Glassman said in the release.

Flanigan, who’s also executive vice president, in 2018 saw his total compensation grow 33% to $3.5 million. His total compensation was second to that of Glassman, who brought in $10.6 million, a nearly 51% jump, according to past Springfield Business Journal reporting.

Leggett & Platt last month reported second-quarter earnings of $85 million, a roughly 1% increase.

LEG shares were trading at $38.85 as of 10:30 a.m., compared with a 52-week range of $33.48 to $46.71.