Charlie Eitel, partner form consulting firm
Former Simmons CEO to help middle-market companies
David Perry -- Furniture Today, November 9, 2009
 Charlie Eitel |
The former CEO of Simmons has formed a consulting business here with a former top banker at Wachovia Securities. Eitel & Armstrong aims to assist middle-market companies in creating and realizing long-term value, the principals say.
"We are very excited to engage with our clients and believe that with our complementary backgrounds and experiences, we have a special opportunity to help them create long-term value," Eitel said. "We will be thoroughly committing to a handful of companies that are facing transition and change."
Eitel became one of the bedding industry's best-known executives in his tenure at Simmons, where he was CEO from January 2000 until October 2008, and will remain vice chairman through December. But his leadership at Simmons has become a controversial topic, the subject of a recent story in The New York Times that called him "an executive who ruled from afar and walked away rich." Eitel said the story was an attack on his character.
Eitel is partnering with Jeff Armstrong, who was a senior banker at Wachovia Securities from July 1999 to October 2008. He held leadership posts in investment banking, corporate finance, mergers and acquisitions, leveraged capital and private equity coverage. Before he joined Wachovia, Armstrong was a banker at Citigroup and Morgan Stanley.
"Our product is experience, judgment, coaching and ultimately the advice we provide to our clients," Armstrong said. "Our job is to listen, assess the situation, provide independent counsel, and to grow companies by creating sustainable value."
The partners said they will conduct business with a long-term, principle-centered approach and will work with management and stakeholders to help their customers achieve their objectives and potential.
Services offered by the partnership include assessment and strategic reviews, asset management, serving as an executive partner, and providing crisis or interim management.
The company is based at 401 N. Tryon St., 10th floor, Charlotte, N.C. A Web site at www.eitelandarmstrong.com is under development. Eitel can be reached at ceitel@bellsouth.net.
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Paul, we do not delete comments simply because someone expresses a strong opinion. But they are deleted when they include name-calling, personal attacks, or accuse someone of criminal activity. So if your post was deleted, it obviously met one of those criteria.
And to reinforce what David said earlier, it clearly is newsworthy when a high-profile executive such as Charlie Eitel starts a new business. Whether they love him or hate him, many of our readers are intensely interested in what he's doing.
Larry Thomas - 2009-10-11 10:33:50 EST -
I have to agree with Robert. Why is the only thing ever published in this newsletters (not magazine) is who ever done the most advertising. Why don't you get out and get the news rather then let the news be submitted to you. When some of the people you report on are called out by others in the industry you simple delete there post (I've had this done to me) When my subscription is up I will not be renewing it.
Paul - 2009-10-11 09:32:43 EST -
Robert: You are off base here, my friend. This is a news story. It is newsworthy when well-known figures establish new businesses. It is not up to you to determine what is newsworthy and what isn't. That is our job. And, say what you want about Charlie Eitel, is is newsworthy to report what he is doing.
David Perry - 2009-9-11 12:27:47 EST -
Well David Perry, you have done it again with this article. You even had the temerity to give these two guys free advertising by publishing their contact information. Armstrong quit Wachovia in October of 2008. Gee, I wonder why? Was he one of the genius architects of the fall of Wachovia, perhaps? Then what did Eitel do for the benefit of the Simmons company, its stockholders and employees? How stupid is the US becoming? Who would go to these two men for consulting advice? How is this real news about our industry? FT always seems to be able to write articles about men who destroy companies and then miraculously go on to head other companies and lead them and those associated with them to destruction also.
Robert Mark - 2009-9-11 11:21:47 EST -
ugh another scam from the ceo of snakes,try another state maybe another planet they could use your experience at spending other peoples money,a lot of money,ruining the next group of company suckerz.......go get em tiger
Saft Bedder 3rd - 2009-9-11 10:57:28 EST
Eitel launches consulting firm
11/16/2009Eitel: I’m not reading comments
11/16/2009Eitel answers critics, defends performance
02/09/2010
