Select Comfort Names New Board Chairman

May 19, 2010  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 20, 2010 Specialty bedding retailer Select Comfort Corp. (NASDAQ: SCSS) has appointed Jean-Michel Valette as chairman of its board of directors.

Valette, who has been a member of the retailer's board of directors more than 15 years, has served in executive and director roles for several companies across different industries. Currently, he is the chairman of Peet's Coffee and Tea and a director on the board of The Boston Beer Co. Previously, Valette was the non-executive chairman of the Robert Mondavi Winery  as well as the company's president and managing director. Valette also has been an independent adviser for branded consumer companies for more than 10 years.

Valette will continue to serve as a member of the board's audit committee. He succeeds Ervin R. Shames, who will continue as a member of Select Comfort's board.

"We are pleased that Jean-Michel has accepted the position as chairman at such an exciting time in the company's history," said William R. McLaughlin, president and CEO, Select Comfort. "His extensive experience as a senior executive and director for multiple national branded consumer companies will bring strong benefits to Select Comfort as we continue to capitalize on our unique brand and competitive advantages to achieve long-term growth and value creation for shareholders. I also want to personally thank Erv for his invaluable insight, leadership and counsel during his combined five years as board chair."

In other business, shareholders approved the election of David T. Kollat and William R. McLaughlin to three-year terms as directors during the company's annual meeting of shareholders. In addition, shareholders approved the company's 2010 omnibus incentive plan, adopted plurality voting in the event of a contested election of directors, and ratified the appointment of Deloitte & Touche as the company's independent accounting firm for the fiscal year ending Jan. 1, 2011.

Select Comfort is the supplier and retailer of the Sleep Number beds sold through about 400 company-owned stores, select bedding retailers, direct marketing services and online.