CARTHAGE, Mo. - Diversified manufacturer Leggett & Platt, known for producing a wide array of engineered components and products, announced a change in leadership today.
Karl Glassman has been appointed as the new President and Chief Executive Officer, effective immediately. Glassman, who also retains his position as Board Chairman, succeeds Mitch Dolloff following Dolloff's resignation from both his executive role and as a member of the Board.
Glassman, a veteran at Leggett & Platt, has a history with the company that spans over four decades. His previous tenure as CEO from 2016 to 2021, coupled with other leadership roles such as Chief Operating Officer and President of the Residential Furnishings segment, has prepared him for his reinstated leadership position.
The Board expressed confidence in Glassman's deep understanding of the company's markets and operations, which they believe will lead to a smooth transition and position the company for profitable growth.
Robert Brunner, Lead Independent Director at Leggett & Platt, praised Glassman's commitment to the company's values and his proven ability to create value and empower teams. Glassman himself expressed his commitment to steering the company towards improved profitability and shareholder value, emphasizing a restructuring plan and operational improvements.
The company conveyed gratitude to Mitch Dolloff for his contributions over his two-decade tenure and wished him well in future endeavors. Dolloff will continue to serve in a consulting capacity for a year to assist with the transition.
Leggett & Platt (NYSE: LEG), with a 141-year history, is a leading supplier in various sectors, including bedding components, automotive seating systems, furniture components, and more. The company is navigating the current market environment with a focus on long-term growth.
This leadership announcement is based on a press release statement from Leggett & Platt.
InvestingPro Insights
As Leggett & Platt (NYSE: LEG) embarks on a new chapter under the leadership of Karl Glassman, investors are closely monitoring the company's performance metrics. According to InvestingPro data, Leggett & Platt currently holds a market capitalization of approximately $1.6 billion. The company's P/E ratio stands at a challenging -10.39, reflecting recent earnings struggles, but analysts forecast a turnaround with a forward P/E ratio for the last twelve months as of Q1 2024 at 10.32. This adjustment suggests an expectation of improved profitability in the near future.
InvestingPro Tips highlight that Leggett & Platt has maintained its commitment to shareholders, raising its dividend for 53 consecutive years, a testament to its long-term stability and reliability as an income-generating investment. Additionally, the company's stock is considered to be in oversold territory according to the Relative Strength Index (RSI), which may indicate a potential rebound opportunity for value-seeking investors.
For those interested in a deeper analysis, InvestingPro offers more tips on Leggett & Platt, including insights into the company's free cash flow yield, gross profit margins, and analysts' revised earnings expectations. There are currently 15 additional InvestingPro Tips available, which can provide investors with a comprehensive understanding of Leggett & Platt's financial health and market position.
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