LEXINGTON, Ky. – Bedding producer Tempur Sealy International has extended its employment agreement with its long-time chairman, CEO and president Scott Thompson through the end of 2026. Thompson has held the position since September 2015.

The board cited the company’s growth over the past several years and the need for continuity in its executive suite during the continuously changing business environment among the reasons for the contract extension.

“The board of directors is very pleased to extend Scott’s tenure at Tempur Sealy and felt that during the current, ever-changing operating environment it is critical to maintain continuity in executive leadership,” said Richard W. Neu, lead director of the Tempur Sealy board. “Since 2015, Tempur Sealy has grown earnings per share at a compounded annual rate of approximately 50% and returned over $2 billion to shareholders through dividends and share repurchases.

“Additionally, the company’s Sealy and Tempur-Pedic brands have captured significant market share and have become the No. 1 and 2 best-selling brands in the United States bedding market. The company has delivered exceptional growth both from traditional strategies and from new initiatives including the rapid expansion of its direct to consumer and OEM channels. We are very confident in the executive management team’s ability to guide the company through the challenges of the current market environment while continuing to execute on long-term growth initiatives.”

The term of Thompson’s agreement was extended through Dec. 31, 2026. In addition to his $1.1 million annual base salary outlined in the company’s 8-K filed with the Securities and Exchange Commission, Thompson was awarded 1.2 million out of the money stock options with strike price premiums between 14% and 60% compared with the current stock price.

“It is my privilege to lead Tempur Sealy and our talented employees,” Thompson said. “I am grateful to the board of directors and our investors for their continued support. The team and I see more opportunity to build upon Tempur Sealy’s successes, further solidify our market leading position and drive profitable long-term earnings growth for the benefit of all stakeholders.”

I’m Sheila Long O’Mara, executive editor at Furniture Today. Throughout my 25-year career in the home furnishings industry, I have been an editor with a number of industry publications and spent a brief stint with a public relations agency where I worked with some of the industry’s leading bedding brands. I rejoined Furniture Today in December 2020 with a focus on bedding and sleep products. It’s a homecoming for me, as I was a writer and editor with Furniture Today from 1994 until 2002. I’m happy to be back and look forward to telling the important stories impacting bedding retailers and manufacturers.

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