Leggett & Platt signs contracts with top executives

Last edited 2:12 p.m., April 4, 2013

With the early March promotions of three of its executive officers, Carthage-based Leggett & Platt Inc. (NYSE: LEG) has entered new four-year contracts.

David Haffner, whose title was president and CEO, is continuing to serve as CEO and is expected to be voted in as chairman of the board during the manufacturer's May 9 annual shareholders meeting.

Under the terms of his contract, Haffner will be paid a base salary of $995,000 ending at the 2017 annual shareholders meeting. His base pay is subject to an annual increase at the beginning of April as determined by the company's compensation committee, according to a U.S. Securities and Exchange Commission filing.

Haffner's contract also includes 50,000 restricted stock units, and a cash bonus to be determined via the firm's 2009 key officers incentive plan at 115 percent of his base salary as of Dec. 31.

According to Springfield Business Journal list research, Haffner earned a 2011 base salary of $951,346 and received total compensation that year of nearly $6 million. He earned total compensation of $5.9 million in 2010.

Karl Glassman, Leggett & Platt's former executive vice president and chief operating officer, was promoted to president and COO.

With the promotion, the company has entered a four-year contract with Glassman that comes with a $745,000 base salary, 45,000 restricted stock units and a cash bonus to be determined at 90 percent of his base salary Dec. 31, according to the filing.

In 2012 and early 2013, Leggett & Platt purchased 110,983 shares from Haffner for $3.1 million, and 130,035 shares from Glassman for $3.5 million.

Leggett & Platt Senior Vice President and Chief Financial Officer Matthew Flanigan was promoted to executive vice president and CFO.

The promotion comes with a base pay of $441,000, 40,0000 restricted stock units and a cash bonus of 80 percent of base salary at Dec. 31, according to the filing.