Longtime Leggett & Platt exec to retire

Photo provided by Leggett & Platt Inc.

Perry Davis

A nearly 40-year executive at Leggett & Platt Inc. (NYSE: LEG) is planning to retire.

Perry Davis, the manufacturer’s executive vice president and president of its residential and industrial products segments, is slated to exit the company early next year. The search process for his successor is scheduled to start immediately, according to a news release.

"I would like to thank Perry for his tremendous contributions over nearly four decades of dedicated service to the company,” Leggett & Platt President and CEO Karl Glassman said in the release. “A recognized leader in the global bedding industry, Perry helped us navigate a very dynamic market in recent years.”

Glassman credited Davis for leading the company’s $1.3 billion acquisition of Newnan, Georgia-based Elite Comfort Solutions Inc., which he said “brought Leggett capabilities necessary for continued long-term success in this market” at the time the deal closed in January.

Davis last year earned total compensation of $3.04 million, a 57% increase from 2017, according to past Springfield Business Journal reporting. His base salary, stock awards, incentive plan compensation and all other compensation were up compared with the prior year.

In the first quarter, the company’s sales of residential products grew 34% and revenue for industrial products was up 10%, according to a separate news release. The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles is scheduled to release its second-quarter earnings report on July 29.

LEG shares were trading at $39.80 as of 11:05 a.m., compared with a 52-week range of $33.48 to $46.71.