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The boss of bedding giant Tempur Sealy International has written to shareholders ahead of a key AGM vote that could see him ousted from his position.


In February, H Partners — an activist shareholder in the company — called for CEO Mark Sarvary’s removal along with certain other directors of the business.


It doesn’t like the decisions the company has taken in recent years and believe its shares are significantly undervalued. All stockholders will have the opportunity to vote on its proposals at the AGM on 8th May, or by proxy beforehand.


In his letter, Mark Sarvary outlined his — and the company’s — achievements during his seven-year stewardship of the business, including its acquisition of Sealy and its product reinvention as its core visco-elastic product line came under competitor attack in 2012.


He also outlined the firm’s strategy and objectives for the three years to 2018, and criticised H Partners, seeking to undermine them by publishing a letter from its principal praising him and his work. Mr Sarvary said the letter was sent only a month before H Partners went public with its concerns.


He wrote: “To date, what H Partners has done is attempt to distract shareholders with a slideshow of colourful marketing material and a number of unsubstantiated assertions, and in some cases, baseless personal attacks with what we see as a frequent disregard for the truth.”



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