Company will also move annual stockholder meeting to Lexington, Ky.
Lexington, Ky. – Five members of Tempur Sealy International’s 12-person board of directors have chosen not to stand for re-election.
In a press release, the company said the five members would retire as directors after the company’s annual stockholders meeting on May 5, 2016.
The five members not seeking re-election are rancis A. Doyle, Peter K. Hoffman, Sir Paul Judge, Nancy F. Koehn and Lawrence J. Rogers.
On the recommendation of the board’s nominating and corporate governance committee, Tempur Sealy will shrink its board to seven members for re-election at the annual meeting. The move will save the company an estimated $1 million annually.
The seven directors nominated for re-election are Scott L. Thompson, Chairman and CEO, Evelyn S. Dilsaver, John A. Heil, Jon L. Luther, Usman Nabi, Richard W. Neu and Robert B. Trussell. Jr.
The company also announced that all future stockholder meetings will be held in Lexington, Ky., where the company is headquartered, rather than in Boston.