Leggett & Platt Inc. (NYSE: LEG) promoted three of its top executives.
Effective Jan. 1, President and CEO Karl Glassman will take on the board chairman position. He’ll maintain his CEO role, and the president job will pass to Mitch Dolloff. Also joining the board, Dolloff will maintain his current job as chief operating officer of the Carthage-based manufacturer, according to a news release.
Additionally, the company announced Steve Henderson, vice president and president of Leggett & Platt’s automotive group, will be promoted to executive vice president and president of the company’s specialized products segment and new furniture, flooring and textile products segment.
"Over the past year, we have announced several changes within the leadership team and among the board of directors,” Glassman said in the release. “Through these changes, we have added capabilities, expanded diversity and strengthened governance, all while preserving the important elements of our culture that have contributed to Leggett's long-term success.”
As board chairman, Glassman will succeed Ted Enloe, who will become the board’s lead director after serve as chairman since 2016. Enloe has been a Leggett & Platt board member since 1969.
In August, Leggett & Platt announced the hiring of The Dow Chemical Co. executive Jeffrey Tate as chief financial officer. He succeeds Matthew Flanigan, who announced his retirement last year after holding the CFO position since 2003.
Alongside the promotions, Leggett & Platt also is revising its organizational structure to comprise three segments, seven groups and 15 business units. The three segments are bedding products, specialized products, and furniture, flooring and textile products, according to the release.
In a separate news release this week, Leggett & Platt announced the appointment of Mary Campbell as a new board member. Campbell is chief merchandising officer for Qurate Retail Group and chief commerce officer for QVC U.S.
Leggett & Platt’s stock has hit multiple 52-week highs in recent days — most recently $55.23, reached this morning —after the company reported third quarter net income of $99.6 million, an 11% increase from $90 million a year earlier.
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