David Haffner

Karl Glassman

CARTHAGE, Mo. — David Haffner, CEO of Leggett & Platt since 2006, will retire Dec. 31 and will be succeeded by Karl Glassman, the company’s president and chief operating officer.

The company said Haffner, who also has served as chairman of the board since 2013, will retire from both the company and the board. He has been with Leggett & Platt since 1983.

Richard Fisher , the company’s lead director, said Haffner’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,” Fisher said. “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.”

About a year after Haffner became CEO, the company embarked on a major strategic shift by deciding to focus on total shareholder return. Fisher noted that since 2008, total shareholder return has been 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,” said Fisher.

Glassman, 56, succeeded Haffner as chief operating officer in 2006 and as president in 2013. He has been with the company for more than 33 years and has worked closely with Haffner the past 16 years, the company said, noting that he joined the board in 2002.

“The board expects Karl to continue the great example of leadership set by David and his predecessors,” said Fisher. “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.”

The company is a major supplier of furniture and bedding components, adjustable bed bases and bed frames. It also sells finished goods such as metal beds, top-of-bed products and related sleep accessories.