John Eck has stepped down as CEO of Mattress Firm a week after Tempur Sealy closed a deal to acquire the company for $5 billion.
Tempur Sealy Chief Executive Officer Scott Thompson will fill the role in the interim, according to a company press release. Eck has entered into a consulting agreement with the company to ensure a streamlined transition process.
Tempur Sealy expects to permanently fill the chief executive role within the next six to nine months.
The acquisition of Mattress Firm was first announced in 2023, but was soon put on hold due to concerns by the Federal Trade Commission that it would suppress competition and raise prices for consumers.
Now, with the deal finalized, the parent company will be rebranded as Somnigroup come Tuesday and Tempur Sealy, Dreams and Mattress Firm will run as decentralized business units.
“We are now the world’s largest bedding company, with superior capabilities in design, manufacturing, distribution and retail, while also owning a portfolio of the most highly recognized brands in the industry,” Thompson said during a call with analysts regarding the takeover.
Tempur Sealy expects to complete a divestiture of 73 Mattress Firm locations and the Sleep Outfitters subsidiary in the second quarter. The company decided to sell the locations last fall as a way to address antitrust concerns.
