Bedding provider Tempur Sealy International, with headquarters in Lexington, Kentucky, has announced that five of its board members will not run for re-election.
According to a news release, Francis A. Doyle, Peter K. Hoffman, Sir Paul Judge, Nancy F. Koehn and Lawrence J. Rogers will retire as directors following the company’s annual stockholder meeting on May 5.
Rogers is expected to sign a consulting agreement and will remain on the boards of two of Tempur Sealy’s joint ventures, with a term of one year, subject to renewal each year.
The retirements, according to the news release, are not due to “any disagreements with the board on any matters relating to the company’s operations, policies, practices or leadership.”
The company has decided to go forward with a smaller board, in accordance with recommendations from a Nominating and Corporate Governance Committee. The smaller board is expected to save the company about $1 million a year.
Seven directors—Scott L. Thompson, chairman and chief executive officer; Evelyn Dilsaver; John Heil; Jon Luther; Usman Nabi; Richard Neu; and Robert Trussell Jr. —have been nominated for re-election.
“I truly wish to thank all the retiring directors for their many years of dedicated service to the company, with tenures ranging all the way back to the company’s IPO in 2003,” Thompson said. “When I was chairman and CEO at Dollar Thrifty, I worked with a seven-person board of directors, and I think a smaller board is the right approach for Tempur Sealy. I appreciate the NCG’s thorough review in response to my request to review our board size.”
