David Haffner, chief executive officer and board chair of industry supplier Leggett & Platt Inc., will retire at the end of 2015. Karl Glassman, currently company president and chief operating officer, will assume the role of CEO Jan. 1, 2016.
Haffner has been CEO of the Carthage, Missouri-based company since 2006 and chairman of the board since 2013. He joined Leggett & Platt in 1983 and has served in positions of increasing responsibility. Prior to becoming CEO, he served as chief operating officer for seven years.
“On behalf of Leggett & Platt’s board of directors, I would like to recognize David’s tremendous contributions and longstanding commitment to the company,” said Richard Fisher, L&P lead director. “Under David’s leadership, the company embarked on a major strategic shift in late 2007, which has resulted in total shareholder return since 2008 in the top 10% of the S&P 500. For over three decades, he has provided invaluable leadership, a commitment to our core values, and a keen focus on shareholder value.
“David’s tenure as CEO has positioned the company to reach new heights in the future. Today, Leggett & Platt is as strong as it has ever been, we expect a record year for earnings in 2015, and nearly all of our businesses are performing extremely well. In keeping with Leggett’s history and tradition, we expect this to be a smooth transition. We wish David and his family the very best. He will be missed both personally and professionally.”
Glassman, who joined L&P in 1982, succeeded Haffner as COO in 2006 and as president in 2013. The two men have worked together for 16 years. Glassman was first appointed to the board in 2002.
In 2012, Glassman earned the International Sleep Products Association’s Russell L. Abolt Exceptional Service Award, which honors industry members who have shown exceptional devotion to the wellbeing and betterment of the bedding industry.
“The board expects Karl to continue the great example of leadership set by David and his predecessors,” Fisher said. “As CEO, Karl will bring extensive company and industry knowledge, as well as a broad understanding of the global landscape and the challenges that manufacturers face. Leggett & Platt is fortunate to have a very experienced team of senior managers, a strong culture, a sound strategy for the future and a talented group of employee-partners throughout the world. We look forward to seeing Karl build on our past success and lead Leggett & Platt to even higher levels of achievement as we go forward.”