Mary Campbell
LEGGETT & PLATTAbout Mary Campbell
Mary Campbell (age 57) is an independent director of Leggett & Platt (LEG) and has served on the Board since 2019. She previously served over two decades at Qurate Retail/QVC in senior merchandising and commerce roles, and holds a B.A. in psychology from Central Connecticut State University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Qurate Retail, Inc. | President, vCommerce Ventures | 2022–2023 | Led video commerce initiatives across Qurate brands |
| Qurate Retail Group / QVC | Chief Merchandising Officer (Qurate) and Chief Commerce Officer (QVC) | 2018–2022 | Oversaw merchandising and commerce strategy |
| Qurate Retail Group / QVC | Chief Merchandising and Interactive Officer | 2018 | Led interactive and merchandising functions |
| QVC | Chief Interactive Experience Officer | 2017–2018 | Led interactive experience strategy |
| QVC | EVP, Commerce Platforms | 2014–2017 | Led commerce platform teams for long-term growth |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| Kontoor Brands, Inc. | Director | Current public company directorship (apparel) |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Independent director; Board determined all 2024 directors except the CEO and former CEO were independent |
| Board tenure | Director since 2019 |
| Committees | Audit Committee (member); Nominating, Governance & Sustainability Committee (member) |
| Committee chairs | None (not listed as chair) |
| Attendance | All directors attended ≥75% of Board and respective committee meetings in 2024; Board held 7 meetings; Audit 4; NGS 5 |
| Executive sessions | Independent directors held executive sessions at each quarterly Board meeting in 2024 |
| Overboarding policy | Non‑employee directors limited to ≤4 public boards (incl. LEG); 2025 nominees compliant |
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual Board cash retainer | $100,000 | Standard non‑management director cash retainer |
| Audit Committee member retainer | $10,000 | Member fee (Chair: $25,000) |
| NGS Committee member retainer | $7,000 | Member fee (Chair: $15,000) |
| Equity retainer (Restricted Stock/RSUs) | $160,000 | Annual director equity; vests day before next annual meeting |
| Lead/Chair adders | N/A | Lead Director $30,000; Board Chair $150,000 (not applicable to Campbell) |
Director compensation actually received in 2024 (Mary Campbell):
| Category | 2024 Amount |
|---|---|
| Fees earned or paid in cash | $117,000 |
| Stock awards (grant-date fair value) | $160,000 |
| Non‑qualified deferred comp earnings | $5,562 |
| All other compensation (primarily dividend equivalents) | $26,666 |
| Total | $309,228 |
Additional structural features:
- Directors may elect RSUs (defer for 2–10 years) and accrue dividend equivalent shares at a 20% market‑price discount; both restricted stock and RSUs vest the day prior to the next annual meeting .
- Directors may defer cash retainers into stock units (20% discount) or interest‑bearing cash; stock option deferrals ended after 2024 (legacy options remain outstanding) .
Performance Compensation
| Performance‑Linked Elements for Directors | Disclosure |
|---|---|
| Performance metrics tied to director pay | None disclosed; director comp is cash/equity retainers and elective deferrals, not performance‑based |
Other Directorships & Interlocks
| Company | Sector/Notes | Potential Interlock/Conflict |
|---|---|---|
| Kontoor Brands, Inc. | Global lifestyle apparel company | No related‑party or interlock issues disclosed with LEG |
Expertise & Qualifications
- Consumer‑driven product innovation, marketing and brand building; traditional and new media platforms; leadership for long‑term growth and evolution .
- Financial literacy for Audit Committee service is required; Audit Committee “financial expert” designations are held by other named members (Blinn, Padmanabhan, Shah, Wood), not Campbell .
Equity Ownership
Beneficial ownership as of March 5, 2025:
| Holding Type | Amount |
|---|---|
| Common stock | 9,276 shares |
| Stock units (ESU/Deferred/RSUs) | 39,563 units |
| Options exercisable within 60 days | 4,274 options |
| Total reported beneficial ownership | 53,113 (various forms) |
| % of Class | Not shown (<0.1% per table conventions) |
Unvested awards (as of Dec 31, 2024):
| Award Type | Quantity | Vesting Note |
|---|---|---|
| Restricted stock | 7,887 | Vests the day before the 2025 annual meeting |
| Stock options (legacy from deferrals) | 4,274 | From prior deferred compensation elections |
Ownership alignment policies:
- Director stock ownership guideline: 5x annual cash retainer within five years .
- As of March 5, 2025, Campbell’s calculated ownership was below the threshold due to stock price decline; she remains compliant with the hold‑until‑met requirement on net shares .
- Hedging prohibited for directors; pledging prohibited for directors and Section 16 officers under insider trading policy .
Governance Assessment
Key findings
- Independence and committee roles: Campbell is an independent director serving on Audit and NGS committees (no chair roles). This supports oversight in financial reporting and governance/sustainability .
- Attendance and engagement: Board/committee attendance thresholds were met across directors; independent executive sessions held quarterly, signaling active oversight .
- Compensation and alignment: Director pay is standard for LEG with a meaningful equity retainer and optional deferrals into stock units at a discount, promoting alignment. No performance‑conditioned director pay is disclosed, reducing pay complexity risks .
- Ownership: While below the 5x retainer guideline due to share price decline, she is subject to a hold‑until‑met requirement, which partially mitigates alignment concerns . She holds common shares, stock units, and legacy options from prior deferral programs .
- Conflicts/related‑party: No related‑party transactions involving Campbell disclosed; related‑party review overseen by NGS/HRC per policy .
- Risk controls: Hedging and pledging are prohibited for directors; strong clawback and governance practices across the company bolster investor protection .
Watch items and red flags
- Ownership guideline shortfall driven by stock price decline (not behavior). Mitigated by policy requiring retention of net shares until compliant. Monitor progress as share price and grants evolve .
- No other red flags identified: no related‑party issues, attendance concerns, or policy exceptions disclosed .
Contextual shareholder sentiment
- Say‑on‑pay support was 94% in 2024, indicating broad shareholder approval of compensation practices; while focused on executives, it reflects overall governance alignment .