Feb 17 (Reuters) - Activist investor H Partners Management LLC is seeking immediate ouster of Tempur Sealy International Inc’s Chief Executive Mark Sarvary, citing concerns about the mattress company’s missed financial forecasts and poor stock performance, the Wall Street Journal reported.
The hedge fund, Tempur Sealy's largest investor, also wants a seat on the board to help lead a search for a new CEO, but the company has rebuffed its request, the newspaper said citing a letter it has reviewed. (on.wsj.com/19qglXN)
H Partners, which owns a nearly 10 percent stake in Tempur Sealy, plans to send the letter on Tuesday, ahead of a Tempur Sealy investor day on Wednesday, the Journal said.
The company’s shares fell earlier this month after its 2015 forecast fell short of expectations.
In 2012, Tempur-Pedic International bought rival Sealy Corp for about $242 million and took on its debt of about $750 million. (reut.rs/1FVp273)
H Partners had earlier pushed Sealy Corp, where it targeted private-equity firm KKR & Co’s management of the company before Tempur-Pedic International Inc bought Sealy.
Tempur Sealy was “disappointed that H Partners has chosen a public forum to advance its individual agenda,” the Journal quoted Tempur Sealy as saying.
Representatives at H Partners and Tempur Sealy were not immediately available for comment outside regular U.S. business hours. (Reporting by Supriya Kurane in Bengaluru; Editing by Gopakumar Warrier)