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2nd Investor Joins Calls for Tempur Sealy CEO Ouster
February 24,
2015 by in Bedding, Product 
Another Tempur Sealy International investor has joined last week’s fray calling for the ouster of Mark Sarvary, CEO of the bedding supplier.
A second investment fund has joined in calls to oust Tempur Sealy CEO Mark Sarvary.
Chieftain Capital Management, which owns about 5.8 percent of the company, sent a letter last Thursday to the board of Tempur Sealy, which is headquartered in Lexington, saying, "It is now clear to us that management has lost all credibility."
Chieftain Capital's letter comes on the heels of a call earlier last week by major investor H Management Partners for Sarvary and board chairman P. Andrews McLane, and board member Christopher Masto, to be replaced.
Chieftain said that the views and suggestions of the other hedge fund "have considerable merit" and that it "supports H Partners' call for an immediate change in the CEO and board. We also support a role for H Partners on the board. H Partners would add considerable value in leading the search for a new CEO and ensuring the proper alignment of management's incentives with the interests of TPX's long-term shareholders."
Read Entire Story Source: Lexington Herald-Leader