Bedding giant Sealy has announced that David McIlquham, chairman and chief executive officer of the Archdale, N.C.–based company, has resigned.
He has been replaced on an interim basis by Larry Rogers, president of the company’s North American operations since 2006.
Sealy board member Paul Norris has been named nonexecutive chairman. He is the former chairman and CEO of W.R. Grace & Co. and is a senior adviser at Kohlberg Kravis Roberts & Co., Sealy’s largest shareholder.
McIllquham had been with Sealy for 18 years. He was named CEO in 2002.
In a statement, the company said McIllquham and the board had “determined that it is in the best interest of the company to seek new leadership to achieve the company’s long–term goals and initiatives.” The statement went on to say that McIllquham will pursue other opportunities and spend more time with his family.
After disappointing sales in February, Sealy announced unspecified cost-cutting steps intended to provide about $2 million in annual savings. Sealy said it is seeking a permanent replacement for McIlquham.