Dive Brief:
- Serta Simmons Bedding CEO Charlie Eitel has resigned, the company announced on Monday. Eitel held the role for about three months. Mark Genender, chairman of the board of directors, has been named interim CEO. The leadership changes are effective immediately and the board has begun a search process for the next CEO.
- Genender is a managing partner at Bristol Growth Capital, an advisory firm that services small and micro-cap companies. Genender previously was on the Simmons Bedding board while also serving as a managing director and partner at Fenway Partners, a private equity firm.
- Eitel did not provide a reason for leaving or disclose his next professional move, saying in a statement that “it has been a privilege to join [Serta Simmons Bedding] and set the course for the company’s future.”
Dive Insight:
Serta Simmons Bedding, which is one of the largest bedding makers and retailers in the U.S., has experienced a wave of changes this year. The company began the year with a Chapter 11 bankruptcy filing.
The company entered bankruptcy protection with a restructuring agreement with the majority of its lenders and equity holders. Serta Simmons, which also owns Tuft & Needle, reduced its funded debt from about $1.9 billion to about $315 million.
The company exited Chapter 11 in June and appointed a new board of directors at that time, including both Eitel and Genender. Eitel was then named CEO in July. Serta Simmons said its post-bankruptcy turnaround plan would focus on four elements — product innovation, investments in brand positioning and marketing, sales growth and supply chain investments.
“As I step into the Interim CEO role, I am committed to working closely with the management team to ensure a smooth transition as we continue to execute on our turnaround strategy,” Genender said. “Looking ahead, SSB remains focused on continuing to innovate, investing in — and reinvigorating — our powerful brands, enhancing our retail partnerships and operating a high-performing supply chain that delivers industry-leading product quality and customer service.”
Genender will lead an executive team that includes interim Chief Financial Officer Lisa Wyn; Chief Operations Officer Rob Burch, who has held that position since August; Chief Sales Officer Dominick Azevedo, who assumed that role in June; Chief Marketing Officer Tim Oakhill; Chief Legal Officer Kristen McGuffey; and Chief Human Resources Officer Esther Ni.
