TEMPUR SEALY $78.04 (New York symbol TPX; TSINetwork Rating: Speculative) (800-878-8889; www.tempursealy.com; Shares outstanding: 61.9 million; Market cap: $4.8 billion; No dividends paid) has been forced to make changes to its management and board of directors after activist investor H Partners Management, which holds 10% of Tempur Sealy’s shares, won the support of enough investors at the company’s May 8, 2015, annual meeting.
H Partners believes Tempur Sealy has performed poorly compared to other mattress makers since it acquired rival Sealy in March 2013.
After the meeting, chief executive officer Marc Sarvaray, chairman P. Andrews McLane and board director Christopher Mastro resigned. H Partners executive Usman Nabi took Mastro’s spot on the board. Timothy Yaggi, Tempur Sealy’s current chief operating officer, became interim CEO as a search committee made up of Nabi and three independent directors looks for a replacement for Sarvaray. Board member Frank Doyle became chairman.
The company’s long-term prospects are sound, and the new management and board members should bring a fresh perspective to the business. However, the stock trades at a high 34.7 times Tempur Sealy’s forecast 2015 earnings of $2.25 a share.
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