National Bedding Co., L.L.C., Serta’s largest licensee, has assumed the responsibilities of Serta, Inc. Ed Lilly, Serta, Inc. president and CEO since 1990, has left the company.
Serta’s seven U.S. licensees finalized a service agreement on September 10, giving National Bedding responsibility for managing Serta’s entire U.S. organization, including national advertising, merchandising, public relations, accounting and national account sales. National Bedding also will continue to operate 19 of Serta’s 26 U.S. plants, as well as managing international licensee agreements and Serta’s hospitality business.
“This new structure will make Serta even stronger and more competitive,” said Robert Sherman, president of National Bedding. “By streamlining Serta’s operations, Serta now has the resources, skills and experience to provide the best service in the industry to our retailers as well as to our licensees.”
Lilly lauded for leadership
National Bedding co–chairman Richard Yulman complimented Ed Lilly for his leadership. Under Lilly’s guidance, Serta became the second largest–selling mattress company in the United States and the third largest consumer brand in the home furnishings industry, he noted.
“Ed did a phenomenal job combining the strengths of 20 independent, entrepreneurial licensees,” Yulman said. “Under his leadership Serta grew over 200 percent. This is an unbelievable accomplishment.”
He added, “Our goal going forward will be to continue the momentum that Ed started. This will be accomplished by growing our business and by growing our retailers’ business.”