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Leggett & Platt Incorporated (NYSE:LEG), a manufacturer of household furniture, has disclosed changes to its board and executive compensation structure in a recent SEC filing. Directors Mark A. Blinn and Manuel A. Fernandez have announced their retirement, effective just before the annual shareholder meeting on May 7, 2025. Consequently, the board will be reduced from ten to eight members.
The company’s Human Resources and Compensation Committee has set the 2025 annual base salaries for its executive officers. Karl G. Glassman, President & CEO, will maintain his current salary of $1,275,000. EVP & CFO Benjamin M. Burns will receive an increase from $550,000 to $600,000, while J. Tyson Hagale, EVP, President – Bedding Products, will also have his salary raised to $600,000. EVP R. Samuel Smith, Jr. will see an increase to $525,000, and EVP & General Counsel Jennifer J. Davis will have her salary adjusted to $490,000.
Additionally, the Committee has approved the 2025 Target (NYSE:TGT) Percentages under the Key Officers Incentive Plan (KOIP), which include a base salary multiplier for potential cash awards based on company performance. The performance criteria for 2025 are set with a 65% weight on EBITDA and a 35% weight on Cash Flow or Free Cash Flow for certain executives. The target percentages for the executives range from 70% to 135%.
Furthermore, the Committee has established the Long-Term Incentive (LTI) award multiples for 2025, which determine the allocation of performance stock units (PSUs) and restricted stock units (RSUs) based on the executives’ base salaries. The PSUs and RSUs are tied to the company’s stock performance and are part of the executives’ compensation package.
The filing also outlines the adoption of the 2025 Award Formula under KOIP, which sets forth the performance objectives and criteria for executive cash incentives. The performance objectives include EBITDA and either Cash Flow or Free Cash Flow, with varying thresholds and maximum payouts.
The filing reveals the specifics of the 2025 Form of Performance Stock Unit Award Agreement, which details the vesting conditions and payout structure for PSUs based on EBITDA, Return on Invested Capital (ROIC), and Total (EPA:TTEF) Shareholder Return (TSR).
The information provided in this article is based on a press release statement and summarizes the key executive compensation changes and director retirements for Leggett & Platt Incorporated as reported in the SEC filing.
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