Tempur Sealy Directors Resign After H Partners Campaign

Tempur Sealy International Inc. shareholders voted against re-electing three board members, including Chief Executive Officer Mark Sarvary, in a victory for activist investor H Partners Management.

Sarvary, Chairman Andrews McLane and Christopher Masto, who heads up the nominating and corporate governance committee, have agreed to quit the board “in accordance with Tempur Sealy’s bylaws,” the mattress maker said in a statement Friday. The remaining directors will decide whether to accept their resignations. In any case, Sarvary will remain CEO of the Lexington, Kentucky-based company.