Tempur Sealy CEO Mark Sarvary Stepping Down

(RTTNews) - Tempur Sealy International, Inc. (TPX) said Monday that Mark Sarvary will step down as the company's President and Chief Executive Officer on Tuesday, May 12.

The world's largest bedding provider said it has appointed W. Timothy Yaggi, currently Chief Operating Officer, to serve as interim Chief Executive Officer, effective upon Sarvary's resignation.

In addition, the company announced the appointment of Usman Nabi of H Partners Management, LLC to the Tempur Sealy Board as a new independent director, effective immediately.

The Tempur Sealy Board Will immediately commence a process to confirm an additional independent director recommended by H Partners to join the Board and acceptable to the Board in its reasonable discretion.

The company also said its board will form a CEO Search Committee that will comprise Nabi and three additional independent directors. Nabi will serve as Chairman of the CEO Search Committee. The company will also engage an executive search firm to assist with a comprehensive search process to identify a permanent CEO. The company further said its board has elected Frank Doyle as Chairman of the Board, effective immediately.

With the appointment of Nabi and an additional director to-be-named, the Tempur Sealy Board will comprise 10 directors, nine of whom are independent.

Tempur Sealy also said it has entered into a customary standstill agreement with H Partners.

Tempur Sealy said Friday that Chairman P. Andrews McLane,, Christopher Masto and Chief Executive Officer and President, Mark Sarvary, did not receive a majority of the votes cast for their re-election to the Board.