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Leggett & Platt Board raises 2008 stock repurchase authorization
22 Feb '08
3 min read
In response to Mr. Wright's decision, the Board's Nominating Committee recommended, and the full Board anticipates, the election of Richard T. Fisher as independent chair at Leggett's next quarterly Board meeting.
Mr. Wright, chair since 2002, stated, "We are excited to have an individual of Mr. Fisher's caliber become Leggett's next chairman. A seasoned board member, Richard has served as our Presiding Director since 2003. He has performed admirably, and we have high expectations of what he will accomplish as he leads our Board of Directors."
Lastly, the Board of Directors declared a first quarter dividend of $.25 per share, a 47% increase over last year's first quarter dividend of $.17 per share. The dividend will be paid on April 15, 2008 to shareholders of record on March 14, 2008. Leggett's dividends have increased annually for 37 consecutive years, at a compound average growth rate of better than 14%. Only one other Fortune 500 company has achieved as long a string of consecutive increases at a 14% growth rate.
Mr. Wright, chair since 2002, stated, "We are excited to have an individual of Mr. Fisher's caliber become Leggett's next chairman. A seasoned board member, Richard has served as our Presiding Director since 2003. He has performed admirably, and we have high expectations of what he will accomplish as he leads our Board of Directors."
Lastly, the Board of Directors declared a first quarter dividend of $.25 per share, a 47% increase over last year's first quarter dividend of $.17 per share. The dividend will be paid on April 15, 2008 to shareholders of record on March 14, 2008. Leggett's dividends have increased annually for 37 consecutive years, at a compound average growth rate of better than 14%. Only one other Fortune 500 company has achieved as long a string of consecutive increases at a 14% growth rate.
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