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Leggett & Platt has been in business for over a century, but our logo has undergone relatively few changes in that time. The one major change came in the early 1970s, when we moved from a simple “L” to a script typeface. I sat down with Leggett’s Creative Director, Scott Clark, to discuss the history of the logo.
In the early days, this metal tag was attached to every Leggett product and eventually became the official logo. The circle in the design was actually a hole used for fastening the tag to springs and frames. “I love the simplicity of this design,” stated Clark. “It’s fascinating how well it holds up–what looked good 100 years ago still looks good today, and that’s not always the case.”
Board Chairman & CEO David S. Haffner
For four full decades—from the 1960’s through the 1990’s—Leggett & Platt achieved growth of 15% per year (on average) in earnings, dividends, and stock price, largely by pursuing a strategy that focused intently on revenue growth. Over those 40 years revenue ballooned from $7 million to $4.3 billion, earnings grew about 1000‐fold,and our stock split approximately every 5 years. But as we entered the new millennium, our strategy seemed to lose its effectiveness. For the five years ending December 2007, Leggett & Platt’s stock priced moved sideways while the S&P 500 index achieved an 80% return. The desire for topline growth had led us to make certain acquisitions for which it’s now clear we paid too much, given their failure to meet expected performance levels.
We needed to make a change in strategy.