Mattress Firm Announces Proposed Changes to Its Board of Directors
February 24 2016 - 8:30AM
Business Wire
— Chris Hadley and Anil Seetharam Nominated
to Join Board —
— Three Directors Announce Planned
Retirements —
Mattress Firm Holding Corp. (the “Company”) (NASDAQ:MFRM), the
nation's largest specialty mattress retailer, today announced that
Chris Hadley and Anil Seetharam have been nominated for election to
the Company’s Board of Directors at the Company’s 2016 annual
meeting of stockholders, which is expected to be held on June 1,
2016. Upon his election, Anil Seetharam is also expected to join
the Audit Committee of the Company. Mr. Hadley is a managing
director with Berkshire Partners, a Boston-based private equity
firm that has raised eight private equity funds with aggregate
capital commitments of over $11 billion. Mr. Seetharam is a
managing director with Stockbridge Investors, an investment group
within Berkshire Partners focused on marketable securities with
assets under management of nearly $2 billion. Berkshire Partners
and Stockbridge Investors together hold an approximate 10.4%
interest in the Company.
The Company additionally announced the planned retirements of
the three individuals holding Class II director positions at the
end of their current terms. The current terms for all three
directors are scheduled to expire at the 2016 annual meeting of
stockholders. In addition, the Company has initiated a search for a
third independent director to nominate for election to the
Board.
“We have experienced transformational growth since our initial
public offering in 2011 and our corporate governance continues to
evolve to support this growth,” commented Steve Stagner, chief
executive officer of Mattress Firm. “With the recently completed
acquisition of Sleepy’s, we achieved yet another monumental
milestone as the first truly border-to-border and coast-to-coast,
multi-brand mattress specialty retailer. Three of our directors
have chosen to retire at the end of their terms after overseeing a
period of tremendous growth at Mattress Firm, and we thank them for
their service and unique contributions. We look forward to adding
Chris and Anil to our board with their broad business experience,
as well as pursuing this opportunity to search for an additional
candidate to bring a new and diverse perspective to our board. We
are excited about the next chapter of growth that awaits our
company.”
About Mattress Firm Holding Corp.
With more than 3,500 company-operated and franchised stores
across 48 states, Mattress Firm Holding Corp. (NASDAQ:MFRM) has the
largest geographic footprint in the United States among multi-brand
mattress retailers. Founded in 1986, Houston-based MFRM is the
nation's leading specialty bedding retailer with over $3.5 billion
in pro forma sales in 2015. MFRM, through its brands including
Mattress Firm, Sleepy’s and Sleep Train, offers a broad selection
of both traditional and specialty mattresses, bedding accessories
and other related products from leading manufacturers, including
Serta, Simmons, Tempur-Pedic, Sealy, Stearns & Foster, King
Coil and Hampton & Rhodes. More information is available at
www.mattressfirm.com. The Company’s website is not part of this
release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160224005397/en/
Investor Relations Contact:Mattress Firm Holding
Corp.Scott McKinney, 713-328-3417Vice President of Investor
Relationsir@mfrm.comorMedia Contact:Jackson SpaldingErica
Martinez, 214-269-4404emartinez@jacksonspalding.com
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