2. Tendency 2: The Comfort of Complacency
On April 17, 2015, H Partners Management, LLC sent a letter to shareholders of Tempur Sealy, the mattress company with the well-known brands Tempur-Pedic and Sealy Posture Pedic. At that time, H Partners owned approximately 10% of the outstanding shares of Tempur Sealy, making it the Company’s largest shareholder. The letter sent a clear message to the Board of Directors demanding leadership change on the board.
In its letter, H Partners said that “Tempur Sealy possesses all the components of a successful company: industry-leading products, iconic brands that have stood the test of time, and a talented team of dedicated employees. However, despite these positive attributes, we believe the Company’s stock ...
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