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Simmons' parent: Company 'has made substantial progress'

By David Perry -- Furniture Today, January 1, 2006

Atlanta — The co-president of Thomas H. Lee Partners says that Simmons "has made substantial progress" in the second half of the year under CEO Charlie Eitel's leadership.

Responding to written questions from Furniture/Today, Scott Schoen made this statement:

"With Charlie Eitel's leadership, Simmons has made substantial progress over the second half of 2005 in streamlining its cost structure, strengthening its management team and redesigning its product line, and the results are already evident in marked improvement in its financial performance. We are now proceeding with a realignment of our field sales organization to further enhance our customer responsiveness, communication and service. We are optimistic about the company's outlook for 2006."

Schoen did not answer a question about whether Thomas H. Lee, Simmons' parent, retains full confidence in Eitel as CEO of Simmons. He said his company doesn't respond to questions of that nature.

Asked where he stands with Thomas H. Lee, Eitel responded: "I have 100% support of our board and of Thomas H. Lee. There is no doubt they support me and I support them."

He said Lee "couldn't be happier" with the Simmons' momentum, and is pleased with the performance of the new Simmons management team, which includes Steve Fendrich, executive vice president of sales, Rob Burch, executive vice president of operations, and Tim Oakhill, senior vice president of marketing.

As a major shareholder in the company, Eitel said he has "a lot of skin in the game." He also said that, despite industry speculation to the contrary, he will remain at the helm of Simmons.

"I will see this through to the next level of success," Eitel said. "I am more energized and committed than I have ever been."

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