Tempur Sealy International Inc. has named Scott Thompson as chairman, president and chief executive officer, succeeding Frank Doyle, who assumes the role of lead director. Interim CEO Timothy Yaggi continues in his post as chief operating officer. Tempur Sealy is
based in Lexington, Kentucky.
Thompson’s appointment follows an extensive search conducted by the Tempur Sealy board, which was overseen by the board’s CEO search committee.
Thompson has more than two decades of executive leadership experience, most recently as chairman, president and chief executive officer of Dollar Thrifty Automotive Group Inc. Under his leadership, Dollar Thrifty achieved best-in class operating margins and earnings growth, resulting in significant returns for shareholders, according to a news release.
Prior to that, Thompson was a consultant to private equity firms, and
was a founder of Group 1 Automotive Inc., serving as its senior executive
vice president, chief financial officer and treasurer. Previously, he was
executive vice president of operations and finance with KSA Industries.
He serves as a member of the board of directors for Asbury Automotive
Group Inc., Houston Wire and Cable Co., and recently departed the
board of Conn’s Inc.
“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,” Doyle said. “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. I would also like to acknowledge Tim Yaggi’s tremendous
leadership during this process. Under his leadership, the organization
continued to develop and progress towards our collective goals.”
Usman Nabi, chairman of the CEO search committee, added, “Scott
is an exceptional CEO with an outstanding track record of shareholder
value creation. (While with) 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.”
Commenting on his new post, Thompson said: “Tempur Sealy is an
outstanding company with iconic global brands and a talented and dedicated
team. I am honored by the board’s confidence in me as the next
leader of this great company, and I look forward to working with Tim and
the entire management team to build upon Tempur Sealy’s strategy and
drive profitable long-term growth for the benefit of all our stakeholders.”