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From Home Furnishing Business
Tempur Sealy Activist Investor Gets Backing
April 22,
2015 by in Financial Reports, Industry 
A proxy advisor has sided with activist shareholder H Partners in its quest to oust top management at bedding supplier Tempur Sealy International.
Institutional Shareholder Services said the bedding company’s performance in recent years has created a loss in investor confidence.
Tempur Sealy issued a statement Tuesday defending its board and management saying it was disappointed in ISS’ decision to back H Partners opinion.
H Partners, which holds a 10 percent stake in the company, has been very vocal in its desire to toss Tempur Sealy CEO Mark Sarvary, Andrews McLane, chairman, and board member Christopher Masto.
Tempur Sealy’s statement said “questions the merit of the ISS report and believes that it demonstrates a lack of understanding of the fundamentals of our industry and the benefits of the diverse perspectives that our directors bering to the board, including experience as growth equity investors.”
The company also points out that ISS had supported the election of all of the Tempur Sealy board of directors since 2011.