Leggett's Wright, Cornell to leave board
By Furniture Today Staff -- Furniture Today, February 24, 2008
Carthage, Mo. — Leggett & Platt Chairman Felix Wright and Chairman Emeritus Harry Cornell, who have a combined 107 years of service with the company, have announced they won't seek re-election to the board of directors.
Wright, 72, and Cornell, 79, will remain on the board until the company's annual meeting in May.
Cornell, the grandson of co-founder J.P. Leggett, joined the company in 1950. He was president from 1960 to 1982 and chairman from 1982 to 2002.
Cornell hired Wright in 1959. Wright was chief operating officer from 1979 to 1999 and CEO from 1999 to 2006. He succeeded Cornell as chairman in 2002.
"To a large degree, they have been the architects of our company's success and growth over the last five decades," said Leggett President David Haffner. "Their legacy of partnership and teamwork, as both employees and board members, characterizes well the culture of our company."
The company said the board's nominating committee has recommended that Richard Fisher, a board member since 1972, be elected chairman once Wright steps down. Fisher is senior managing director of the Midwest division of Oppenheimer & Co.
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