TEMPUR SEALY INTERNATIONAL, INC. (NYSE:TPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of New Director
On July6, 2018, the Board of Directors (the “Board”) of Tempur Sealy International,Inc. (the “Company”) appointed Cathy R. Gates to serve as a director, with a term expiring at the Company’s Annual Meeting of Stockholders for the year 2019. There are no agreements or understandings between Ms. Gates and any other person to which she was appointed to the Board. Neither Ms. Gates nor her immediate family has been a party to any transaction required to be disclosed under Item404(a) of RegulationS-K.
Prior to her retirement in June 2017, Ms. Gates served as an Assurance Partner at Ernst & YoungLLP in Tulsa, Oklahoma. From 2008 until 2017, she served as the Managing Partner of that office. Ms. Gates began working at Ernst & YoungLLP in 1986, and during her tenure there worked with both public and privately-held clients throughout the southwestern United States in the retail/consumer products, transportation, manufacturing and contract drilling industries. Ms. Gates’ areas of expertise include working with internal audit departments, coordinating financial statement audits, accounting and financial reporting. She currently serves on the Tulsa Area United Way Board of Directors and the Walton College of Business Dean’s Executive Advisory Board at the University of Arkansas. She previously served on the Tulsa Regional Chamber of Commerce Board of Directors and the Tulsa Komen Race for the Cure Board of Directors. Ms. Gates holds a Masters of Science in Accounting from the University of Arkansas. Ms. Gates brings a wealth of experience in auditing, accounting and financial reporting to the Company’s Board of Directors through her past experience gained as an Assurance and Managing Partner of Ernst & YoungLLP.
In connection with Ms. Gates’ appointment to and service on the Board and consistent with the compensation arrangements for non-employee directors as further described under the heading “Director Compensation” in the Company’s 2018 Proxy Statement filed with the United States Securities and Exchange Commission on March26, 2018, Ms. Gates will receive an annual cash retainer, annual equity award grant and reasonable expense reimbursement for her service on the Board, with the value of the cash retainer and equity award reduced to 83.33% of the annual retainer and equity award to reflect pro ration for the period between July6, 2018 and the 2019 Annual Meeting of Stockholders.
About TEMPUR SEALY INTERNATIONAL, INC. (NYSE:TPX)
Tempur Sealy International, Inc. is a bedding provider. The Company develops, manufactures, markets and distributes bedding products. It operates in two segments: North America, which consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the United States and Canada, and International, which consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. Its brands include TEMPUR, Tempur-Pedic, Sealy, Sealy Posturepedic, Optimum and Stearns & Foster. It sells products through over two distribution channels in each segment: retail (furniture and bedding retailers, department stores, specialty retailers and warehouse clubs), and other (direct-to-consumer through e-commerce platforms, company-owned stores and call centers, third-party distributors, hospitality and healthcare customers).