- After less than two and a half years in the position
- Thanks and good wishes for Dolloff
- Karl Glassman taking over
(exechange) — Carthage, Missouri, May 21, 2024 — Mitch Dolloff, chief executive of Leggett & Platt, leaves his position — as “mutually agreed.” As announced by Leggett & Platt Inc. in a news release and in a regulatory filing published on Tuesday, May 21, 2024, J.Mitchell (Mitch) Dolloff has left his post as chief executive officer at the manufacturer that designs and produces various engineered components, after less than two and a half years in the role, effective May 20, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Mitch Dolloff’s duties as CEO will be taken over by Karl G. Glassman, previously Chairman at Leggett & Platt Inc.
“Now is the right time”
The management change is explained as follows. Leggett & Platt stated: “Diversified manufacturer Leggett & Platt announced that its Board of Directors has appointed Karl Glassman as President and Chief Executive Officer, effective immediately. Karl will continue to serve as Board Chairman. This follows the decision by Mitch Dolloff to resign as Chief Executive Officer and a member the Board, also effective immediately, having mutually agreed with the Board that now is the right time for a change in leadership at Leggett & Platt.”
Precise information regarding Mitch Dolloff’s future plans was not immediately available.
“Resignation”
Leggett & Platt said: “On May 20, 2024, the Company’s Board of Directors appointed Karl G. Glassman, age 65, as President and Chief Executive Officer, effective immediately, to fill the position created by the resignation of J. Mitchell Dolloff from such position.”
“Not as a result of any disagreement”
Leggett & Platt stated, regarding the change: “Mr. Dolloff’s resignation was not as a result of any disagreement with the Company, its management, the Board, or any committees thereof on any matter related to the Company’s operations, policies, internal controls, or financial practices, or reporting.”
Share price decline since May 2023
The announcement follows a decline in Leggett & Platt Inc.’s share price of 62% since May 2023.
In the position of CEO since 2022
Mitch Dolloff became CEO of the Company in 2022.
Mitch Dolloff will serve in a consulting capacity for one year to assist in the transition.
Dolloff has served as the Company’s Chief Executive Officer since 2022 and as President since 2020.
He previously served as Chief Operating Officer from 2019 until his appointment as CEO; President—Bedding Products from 2020 to 2021; President—Specialized Products & Furniture Products from 2017 to 2019; Senior Vice President and President of Specialized Products from 2016 to 2017; Vice President and President of the Automotive Group from 2014 to 2015; President of Automotive Asia from 2011 to 2013; Vice President of Specialized Products from 2009 to 2013; and in various other capacities for the Company since 2000.
Dolloff holds a degree in economics from Westminster College (Fulton, Missouri), as well as a law degree and an MBA from Vanderbilt University.
No statement by Mitch Dolloff
In the release announcing his departure as CEO of Leggett & Platt Inc., Mitch Dolloff received thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Mitch Dolloff.
The above text is an excerpt from the exechange report 22.2024 ($), publication date May 27, 2024.