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From Home Furnishing Business

Tempur Sealy Names Chairman, President, CEO

Tempur Sealy International (NYSE: TPX) has named Scott L. Thompson chairman, president and CEO, effective immediately. 

 

Thompson succeeds Mark Sarvary, who resigned in May following a proxy battle with H Partners Management, one of the company’s shareholders. At that time, the company embarked on an executive search.

Thompson has more than two decades of executive leadership experience, most recently as chairman, president and CEO of Dollar Thrifty Automotive Group, the former holding company for Dollar Rent a Car and Thrifty Car Rental. The group was acquired in 2012 by Hertz Global Holdings.

"After a comprehensive search process, the board is very pleased to name a talented and highly qualified individual of Scott's caliber to lead Tempur Sealy," said Frank Doyle, chairman of the board. "Scott is a world-class operator with a history of strategic focus and developing high-performance teams. We are confident that his expertise in these key areas will add significant value to Tempur Sealy."

Thompson currently serves as a member of the Board of Directors for Asbury Automotive Group, Inc., Houston Wire and Cable Co. and Conn's  (NASDAQ: CONN).

“Scott is an exceptional CEO with an outstanding track record of shareholder value creation,” said Usman Nabi, chairman of the CEO search committee. “As chairman and CEO of Dollar Thrifty, Scott created a corporate culture dedicated to consistently delivering profitable growth and achieving stretch targets. Tempur Sealy shareholders will benefit from his leadership."

In connection with Thompson’s appointment, Doyle will assume the role of lead director, and interim CEO Timothy Yaggi will continue in his role of COO. Upon Sarvary’s departure, Yaggi was appointed as the interim CEO.

"I would also like to acknowledge Tim Yaggi's tremendous leadership during this process,” Doyle said. “Under his leadership, the organization continued to develop and progress towards our collective goals.”




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