Tempur Sealy CEO Mark Sarvary To Step Down

Tempur Sealy International Inc. said on Monday that Chief Executive Mark Sarvary will step down on May 12, and Chairman P. Andrews McLane has resigned from the board. The company said it named Chief Operating Officer W. Timothy Yaggi as interim CEO, as it conducts a search for a new CEO, and that Frank Doyle was elected chairman, effective immediately. The moves come after shareholders voted late last week to remove the mattress maker's CEO and chairman from the company's board of directors, amid pressure from activist investor H Partners Management. The stock, which slipped 0.3% in early trade, has run up 13% year to date, while the S&P 500 has gained 2.6%.