Tempur Sealy International said five current members of its 12-person board of directors have chosen not to stand for re-election. The bedding company, which is in the process of refreshing its board, said in a Tuesday release that these directors would retire after the company's annual stockholders meeting on May 5. On the recommendation of the board's nominating and corporate governance committee, the company will shrink its board to seven directors for re-election at the annual meeting, saving about $1 million annually. One of the retiring directors, Lawrence Rogers, will be brought on as a consultant and board member for two of Tempur Sealy's joint ventures. The company is also moving its stockholder meetings to the company's headquarters of Lexington, KY from Boston. Finally, Richard Neu has been apppointed to the company's audit and compensation committees, effective immediately, and will serve as lead director of the board, effective upon completion of the annual meeting. Tempur Sealy shares are inactive in premarket trading, but down 22% over the past three months. The S&P 500 is down 7.8% for the past three months.
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