Leggett & Platt Executive Chairman Karl Glassman to retire as executive officer, remain Chairman if re-elected

LEGGETT & PLATT INC

Karl G. Glassman to retire as executive officer effective May 4, 2023; expected to serve as Chairman if re-elected.
2023 base salaries increased for several NEOs: EVP & CFO to $627k, EVP Bedding to $560k, EVP Specialized to $560k, SVP GC to $502k.
Director cash retainer increased from $90k to $100k; equity retainer from $150k to $160k, effective Nov 2022.
Bylaws amended to require additional disclosures in shareholder proposals and proxy solicitations, including Rule 14a-19 compliance.
New severance agreement with EVP J. Tyson Hagale: 200% base salary plus bonus, 24-month benefits, non-compete.

item 5.02 item 5.03 item 9.01

Executive movements

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Role change

Karl G. Glassman

Executive Chairman

LEG · LEGGETT & PLATT INC

Effective: 2023-05-04
Filed: February 23, 2023, 6:59 PM ET

Karl G. Glassman, the Company’s Executive Chairman, notified the Company of his decision to retire as an executive officer of the Company, effective as of the Company’s 2023 annual meeting of shareholders which is expected to be held on May 4, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Karl G. Glassman changed role as Executive Chairman at LEGGETT & PLATT INC.

Action: retire
Role: Executive Chairman

Exact text from the filing

Karl G. Glassman, the Company’s Executive Chairman, notified the Company of his decision to retire as an executive officer of the Company, effective as of the Company’s 2023 annual meeting of shareholders which is expected to be held on May 4, 2023.

View on SEC.gov

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

LEGGETT & PLATT INC: The Board approved an amendment and restatement of the Company's Bylaws, adding new requirements for shareholder proposals and nominations, effective February 22, 2023 (effective 2023-02-22).

Change: bylaw amendment
Effective: 2023-02-22

Exact text from the filing

On February 22, 2023, the Board of Directors of the Company, on recommendation of the Nominating, Governance and Sustainability Committee, approved an amendment to, and restatement of, the Company’s Bylaws, to be effective the same day.

View on SEC.gov

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LEGGETT & PLATT INC filing history →

Source: SEC EDGAR

accession 0001193125-23-046623

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