Leggett & Platt Inc. announced that Mitch Dolloff, CEO and board member of the Carthage, Missouri-based company, has resigned. Karl Glassman has been named Dolloff’s successor as CEO and president, effective immediately.
According to a news release, Dolloff mutually agreed with the Board that now is the right time for a change in leadership at Leggett & Platt, and he will serve in a consulting capacity for one year to assist in the transition. Glassman returns to familiar territory, having held various leadership roles during his 42-year tenure at Leggett & Platt, most recently serving as CEO from 2016 to 2021 and chairman of the board since 2020.
Company officials say that Glassman’s track record of creating value is timely for Leggett & Platt as the company navigates the current market environment to secure long-term profitable growth.
“Karl knows the company better than anyone, and we are pleased he has agreed to step back into the CEO role,” said Robert Brunner, lead independent director for Leggett & Platt. “Karl’s intimate knowledge of the company’s end-markets and operations, along with his strong relationships with Leggett’s customers and employees, will ensure a seamless transition.”
Glassman expressed his enthusiasm for returning to the helm of the company, stating: “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.”
Take a look back at Legget & Platt’s history; L&P Names Dolloff CEO Effective Jan. 1.
