LEXINGTON, Ky., Feb. 29 /PRNewswire-FirstCall/ -- Tempur-Pedic International Inc. (NYSE:TPX), the leading manufacturer, marketer and distributor of premium mattresses and pillows worldwide, today announced that its President and Chief Executive Officer, H. Thomas Bryant, plans to retire from the Company effective mid-year 2008.
Mr. Bryant will be working with the Company to ensure an orderly transition to a new CEO prior to his retirement. The Company anticipates that Mr. Bryant will continue to serve as a director and stand for re-election at the annual meeting of stockholders in May 2008. Mr. Bryant, 60, joined the Company in July 2001, and has served as its Chief Executive Officer and a member of the Board of Directors since April 2006.
Mr. Bryant commented, "I believe Tempur-Pedic has secured its place as the leading manufacturer, marketer, and distributor of mattresses and pillows worldwide. We have established a very strong senior management group and built a team of outstanding professionals throughout the company. I believe we have the right strategy, structure and processes in place to continue growing market share around the world. Accordingly, I believe now is the appropriate time to begin the transition to my retirement." "On behalf of the Board of Directors, I thank Tom for his many contributions to the company's success over the past seven years. During his tenure, Tempur-Pedic has grown to be the leader in specialty sleep. We wish Tom well in his retirement and he will always be part of the Tempur-Pedic family," said P. Andrews McLane, Chairman of the Board of Directors of the Company.
The Board of Directors has formed a committee to lead the search for a new CEO and has retained an executive search firm.
Forward-looking Statements This release contains "forward-looking statements," within the meaning of federal securities laws, which include information concerning one or more of the Company's plans, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including without limitation, statements relating to the Company's transition to a new chief executive officer and the Company's strategy, structure and processes to continue growing market share, are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.
There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed as forward-looking statements. These risk factors include general economic and industry conditions, particularly in the retail sector, as well as consumer confidence; uncertainties arising from global events; the effects of changes in foreign exchange rates on the Company's reported earnings; consumer acceptance of the Company's products; industry competition; the efficiency and effectiveness of the Company's advertising campaigns and other marketing programs; the Company's ability to increase sales productivity within existing retail accounts and to further penetrate the US retail channel, including the timing of opening or expanding within large retail accounts; the Company's ability to address issues in certain underperforming international markets; the Company's ability to continuously improve and expand its product line, maintain efficient, timely and cost-effective production and delivery of its products, and manage its growth; changes in foreign tax rates, including the ability to utilize tax loss carry forwards; and rising commodity costs. Additional information concerning these and other risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission, including without limitation the Company's annual report on Form 10-K under the headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors." Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements for any reason, including to reflect events or circumstances after the date on which such statements are made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
About the Company Tempur-Pedic International Inc. (NYSE:TPX) manufactures and distributes mattresses and pillows made from its proprietary TEMPUR(R) pressure-relieving material. It is the worldwide leader in premium sleep, the fastest growing segment of the estimated $13 billion global mattress market. The Company is focused on developing, manufacturing and marketing advanced sleep surfaces that help improve the quality of life for people around the world. The Company's products are currently sold in over 70 countries under the TEMPUR(R) and Tempur-Pedic(R) brand names. World headquarters for Tempur-Pedic International is in Lexington, KY. For more information, visit http://www.tempurpedic.com/ or call 800-805-3635. DATASOURCE: Tempur-Pedic International Inc.
CONTACT: Investor Relations, Barry Hytinen, Vice President, Investor Relations and Financial Planning & Analysis, for Tempur-Pedic International Inc., +1-800-805-3635 Web site: http://www.tempurpedic.com/
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