Lexington, Ky., USA - May 11, 2015, Lexington, Ky., USA - Tempur Sealy International, a bedding provider, said that chairman P. Andrews McLane, Christopher A. Masto, and CEO and president, Mark A. Sarvary did not receive enough votes to be kept on the board.
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Mr. McLane has served as Chairman of the Board of Directors of Tempur Sealy International, Inc. (formerly known as Tempur-Pedic International Inc.) since November 2002. He joined TA Associates, Inc. in 1979, where he is Senior Managing Director and a member of the firm's Executive Committee.
Mr. McLane's activity at TA Associates centers on buyouts and leveraged recapitalizations of companies in the consumer, financial services and business services sectors. He is a director of Numeric Investors L.P. and Advisory Research Inc. He also serves on the boards of the United States Ski and Snowboard Team and St. Paul's School.
Mr. McLane graduated from Dartmouth College in 1969 with an A.B. degree and from the Tuck School of Business at Dartmouth in 1973 with an M.B.A. degree. He is a member of the Nominating and Governance Committee
Mr. Masto has served as a member of the Board of Directors of Tempur Sealy International since November 2002. He is a Senior Managing Director of Friedman Fleischer & Lowe, LLC, which he co-founded in 1997. Prior to 1997, he worked as a management consultant with Bain & Company.
Prior to that, Mr. Masto was employed at Morgan Stanley & Co., where he worked in the investment banking department. He graduated magna cum laude from Brown University with an Sc.B. in Electrical Engineering and received his M.B.A. degree from Harvard Business School. He is chair of the Nominating and Governance Committee.
From February 2008 until he joined the Company in August 2008, Mr. Sarvary was an Industrial Partner with CVC Capital Partners, a global private equity firm. Prior to CVC Capital Partners, from 2004 to 2007, he was the President of Campbell Soup Company's North America division, responsible for $6 billion of businesses including Campbell Soup, Pepperidge Farm, Pace, Prego and V8 as well as Godiva's global business.
From 2002 until 2004, Mr. Sarvary was the President of Campbell's Pepperidge Farm division. Prior to joining Campbell's, from 1999 to 2002, he was the Chief Executive Officer of J. Crew Group, Inc., and from 1993 to 1999 he worked for Nestle, most recently as the President of the Stouffer's Frozen Food division. ■