LEXINGTON, Ky – The Board of Directors of bedding manufacturer Tempur Sealy International has extended the term of chairman, president and CEO Scott Thompson to Dec. 31, 2026, thus continuing a role the executive has held since September 2015.
“The Board of Directors is very pleased to extend Scott’s tenure at Tempur Sealy and felt that during the current, ever-changing operating environment it is critical to maintain continuity in executive leadership,” said Richard W. Neu, lead director of the Tempur Sealy Board. “Since 2015, Tempur Sealy has grown earnings per share at a compounded annual rate of approximately 50 percent and returned over $2 billion to shareholders through dividends and share repurchases. Additionally, the company’s Sealy and Tempur-Pedic brands have captured significant market share and have become the number one and two best-selling brands in the United States bedding market.”
He also noted that the company “has delivered exceptional growth both from traditional strategies and from new initiatives including the rapid expansion of its direct to consumer and OEM channels. We are very confident in the executive management team’s ability to guide the company through the challenges of the current market environment while continuing to execute on long-term growth initiatives.”
Thompson was also awarded 1.2 million out of the money stock options with strike price premiums between 14% and 60% compared to the current stock price. The company said that no other terms of his employment agreement were materially changed, including his base salary, which was set in 2015, and the annual incentive compensation plan that is now in place.
“It is my privilege to lead Tempur Sealy and our talented employees,” Thompson said. “I am grateful to the Board of Directors and our investors for their continued support. The team and I see more opportunity to build upon Tempur Sealy’s successes, further solidify our market leading position and drive profitable long-term earnings growth for the benefit of all stakeholders.”