Leggett & Platt (NYSE: LEG), a 141-year-old producer of engineered components, has announced that Karl Glassman has been appointed as the new President and Chief Executive Officer, effective immediately. Glassman, who will also continue to serve as Board Chairman, takes over following Mitch Dolloff’s resignation from his role as CEO and Board member. Dolloff and the Board mutually agreed that this was the right time for a leadership change. He will stay on as a consultant for the next year to assist with the transition.
Glassman has been part of Leggett & Platt’s Board since 2002 and previously held the CEO position from 2016 to 2021. His 42-year career with the company includes roles such as COO and President of the former Residential Furnishings segment.
Glassman said: “I am honored to return and lead Leggett at this important time for our company. The restructuring plan, other operational improvement initiatives, and our focus on strengthening our balance sheet create a clear path toward a more focused, agile company with the ability to deliver improved profitability and enhanced shareholder value. I look forward to working with our talented team to advance our key initiatives and am confident we can build upon Leggett’s strong foundation, capitalizing on opportunities ahead.”
Robert Brunner, Lead Independent Director, expressed confidence in Glassman’s return, highlighting his deep understanding of the company’s markets and operations, strong customer and employee relationships, and a proven history of driving value and building top-tier teams. Brunner emphasized that Glassman’s leadership is crucial as the company navigates current market conditions and aims for sustainable growth. Brunner also extended gratitude to Dolloff for his over two decades of service, wishing him well in his future pursuits.
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