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Mattress and bedding giant Tempur Sealy has defended its record and management after coming under fire from an activist shareholder.


H Partners — a New York based investment firm with $1bn of assets under management — criticised the company and called for the removal of CEO Mark Sarvary along with two other board members in a letter.


It holds a 10 per cent stake in the Kentucky headquartered beds company, and was similarly critical of the Sealy management before it was sold to the company then known as Tempur-Pedic.


In a lengthy letter to the Tempur Sealy board — concurrently published in full on the Internet — H Partners makes a series of criticisms of Mr Sarvary’s management, saying an immediate change is necessary in order to prevent further value destruction of the business.


Tempur Sealy — which is today due to host an Investor Day for shareholders — issued a response to the stock market regarding the letter, emphasising its disappointment that H Partners’ grievances had been aired in public, and defending its record under Mr Sarvary’s leadership.


The letter — and supporting evidence — can be viewed here.

Tempur Sealy’s response is on its website here



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