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Mattress maker Tempur Sealy makes leadership changes
15
May '15
Tempur Sealy International, Inc., the leading bedding provider, has announced leadership changes in the company.

Mark A. Sarvary has resigned as the company’s president and CEO, effective May 12, 2015. The Tempur Sealy Board of Directors has appointed W. Timothy Yaggi, currently Chief COO, to serve as the interim CEO.

The BoD has appointed Usman Nabi of H Partners Management, LLC to the Board as a new independent director and to the Compensation Committee. The Board will also commence a process to confirm an additional independent director recommended by H Partners to join the Board.

The company’s BoD is set to form a CEO search committee with Nabi and three additional independent directors that will include the new, independent director and two existing independent directors. Nabi will serve as chairman of the CEO search committee. The Board will also engage an executive search firm to assist with a comprehensive search process to identify a permanent CEO, according to a company statement.

P. Andrews McLane, Christopher A. Masto, and Mr. Sarvary have resigned from the BoD. Frank A. Doyle has been appointed as the chairman of the Board, effective immediately. Mr. Doyle has served on the Board of Directors and as chair of the Audit Committee since 2003. In conjunction with the appointment, Mr. Doyle has withdrawn from his role as chairman of the audit committee and a member of the compensation committee.

With the appointment of Nabi and an additional director to-be-named, the Tempur Sealy Board will comprise 10 directors, nine of whom are independent.

The Board also announced changes to the company’s standing committees. Evelyn Dilsaver has been selected as chairman of the audit committee. Ms. Dilsaver has served as a member of the Audit Committee since December 2009.

John Heil and Nancy Koehn have been appointed as members the Nominating and Corporate Governance Committee (NCG).

The Board of Directors has created a new stockholder liaison committee, in order to create a Board-level structure for communication and engagement between the Board and stockholders and to enhance the existing stockholder communications process led by the company’s management. Dilsaver has been appointed chair of the Stockholder Liaison Committee, along with Doyle, Hoffman, and Heil.

Tempur Sealy International, Inc. manufactures, and markets mattresses, foundations, pillows, and other products. (GK)

Fibre2fashion News Desk - India

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