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From Home Furnishing Business

2 Other Groups Back Tempur Sealy CEO Ouster

Two other groups have jumped in to support an activist investor’s push to oust the CEO and two board members from Tempur Sealy International’s (NYSE: TPX) team.

H Partners Management has been calling for the ouster for more than a month. Last week, ISS, a proxy advisory firm backed H Partners’ plan. Now, Glass Lewis & Co. and Proxy Mosaic have both issued reports supporting shareholders vote against re-electing CEO Mark Sarvary, board chairman Andrews McLane and board member Christopher Masto.

Tempur Sealy denies H Partner’s accusation that the management is mismanaging the company.

In a filing Monday with the Securities and Exchange Commission, the company expressed its disappointment in Glass Lewis’ decision. “Glass Lewis specializes in assessing corporate governance—not overall business strategy—and has not historically objected to Tempur Sealy’s governance structure,” according to the filing.

The company’s annual meeting is set for May 8.

 

 

 

 



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