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Bedding newsmaker: McIlquham

David Perry -- Furniture Today, February 15, 2004

Name: Dave McIlquham
Position: President and CEO, Sealy
Time in current position: 18 months
Bedding career highlights:
The redesign and launch of Stearns & Foster as a luxury brand, which really created the luxury bedding category, has to be right up there. The success this brand has enjoyed for our retailers in the past nine years is very gratifying.
The other highlight has to be the home I found at Sealy and the great team I have had the pleasure to work with for the past 14 years. I was fortunate enough to have worked with Malcolm Candlish at Samsonite before he joined Sealy, and when he recruited me I had no idea how special this place would become for me. Without a doubt, the people in our organization and our customer base have made Sealy the highlight of my business career.

What is the greatest issue facing the bedding industry?

Our ability to maintain the high standards of quality, service and profitability that have become synonymous with our industry, and ensure we maintain our manufacturing base in North America. We must be relentless in our quest to boost productivity and efficiency and reduce unnecessary cost and waste. We must be progressive in finding better and more effective ways to differentiate our products and services, and build barriers to entry that many other industries couldn't. We live and compete in a global economy and can't rely on tariffs to protect us over the long term.

If you could change one thing in the bedding industry, what would it be? Reduce all bedding warranties to a level commensurate with other consumer durable products, and have manufacturers compete on their brand, value and product merits. Consumers' post-purchase satisfaction in our category is extremely high. Manufacturers do a disservice to the industry and to our retail partners when they distort and lengthen consumers' expectations of our products' life cycle by using warranty duration to make quality and workmanship superiority claims at the point of sale.

What has been the biggest change you've seen in the bedding industry in the past year?

The most obvious is the almost total conversion to one-sided mattresses in North America that is going on as we speak. The product performance characteristics of our UniCased technology in Sealy Posturepedic and Stearns & Foster mattresses are better, and it is fortunate that we have many people at Sealy who are smart and confident enough to stand up and say so. Even when someone else did one-sided first!

What are your key business goals for 2004? Complete the rollout of our UniCased technology across our product lines in the United States.

Launch UniCased Posturepedic's in Canada, Mexico and Australia, and plan their launch in other foreign markets.

Launch superior FR-compliant products in the domestic market.

Grow our market share in each country that we compete in. If you are not growing market share in this industry, you tend to have problems.

Increase all our stakeholders' value in Sealy.

What is the last good business book you've read and what did you learn from it? "Mike Weir: The Road to the Masters" by Lorne Rubenstein. Some might say this isn't a business book, but golf is Mike Weir's business. Planning, persistence, practice and, most importantly, a vision are necessary to achieve the goals you set. Talent and good fortune are not enough. Have grace and humility when you succeed, and don't forget your roots or who your friends are. I must admit, I also have a soft spot for Mike, given that he grew up in Canada. (McIlquham is a native of Canada.)

What are your pet peeves about the bedding industry? I joined Sealy 14 years ago and am as excited and enthusiastic about the business today as I was then. I enjoy going to work every day, whether it's to our offices, plants or to meet with our customers and suppliers. I can't worry about the little things that sometimes might be irritants; there is too much opportunity in this industry and enjoyment in what we do.

What's something about the bedding industry that most people outside the industry don't know or appreciate? This industry is a tough, competitive and dynamic business that most outsiders, even some in the rest of the furniture industry, don't appreciate. The bedding business is populated by high-achieving, high-energy and tough-minded people who have some of the best customer relationships that I have seen in the furniture, appliance or luggage industries in my 20 years.

What are the most important qualities someone needs in order to achieve long-term success in the bedding industry? I once heard Warren Buffett say that he looks for integrity, energy and intellect when he is assessing an individual or a manager. I think those three qualities are important to be successful in any business or endeavor, as well as in life. They certainly apply to our industry. Buffett went on to say that if a person didn't have the first quality, he didn't want someone who had the other two! I have always remembered that quote and couldn't agree more.

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