Simmons pres. resigns
By David Perry -- Furniture Today, May 14, 2007
Atlanta — Simmons Chairman and CEO Charlie Eitel is assuming the president's duties formerly held by Gary Matthews, who resigned last week after five months at the company.
According to Simmons, the resignation was the result of a decision by Matthews and his family not to relocate from Connecticut to Atlanta, where Simmons is based, as was originally expected. Another factor, Simmons said, was Eitel's commitment to remain in his current position longer than initially anticipated.
Eitel, 57, said he is excited and motivated by Simmons' growth prospects. He said he has plenty of work yet to do at Simmons, and raised the possibility that Simmons could eventually pass Sealy and reclaim the No. 1 position in the U.S. market.
The company said it is not seeking a replacement for the president's position at this time.
"Gary has made great contributions to our business during his tenure," Eitel said. "We appreciate the importance of family and wish him all the best."
In introducing Matthews at a press conference in January, Eitel said Simmons' board had been thinking about succession planning and also wanted to add more marketing management to the senior leadership team. Eitel said at that time that Matthews had "already been a big help" to the senior management team, bringing "great new ideas to the table."
Matthews came to Simmons with a resume that included consumer products marketing and management jobs in several product categories.
Eitel said in an interview that he has no plans to leave Simmons anytime soon. "It will be a good while (before I leave), perhaps two to three years," he said.
One sign of his commitment to the industry, he said, is his decision to accept nomination for the vice chairman post at the International Sleep Products Assn. If elected later this month, Eitel would serve as vice chairman for the next year and would then become ISPA's chair the following year.
He said Simmons is positioned for significant growth in the months and years to come.
"I really like where we are at Simmons," Eitel said. "We are doing so well. We have incredible momentum. I can see us returning to No. 1 in market share in North America. I am committed to seeing that through."
Last year, Eitel said, Simmons grew its core bedding business by $112 million. More growth like that will help Simmons continue to gain market share, he said.
On the succession issue, he said that at some point someone could be named president and chief operating officer. That person, he said, will be the person he has selected to be his successor.
"I am hopeful," Eitel said, "that person will come from inside the company."
