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News wires crackle, ending McIlquham Era at Sealy

Bedding Today column

By Furniture Today Staff -- Furniture Today, March 27, 2008

The calls to my cell phone and my business phone started coming in mid-afternoon on a sunny day in Baltimore, where much of the bedding world was gathered for the International Sleep Products Assn. Expo.
Those insistent calls signaled a major development in the mattress industry, one that had been speculated about for months. Funny thing about speculation: It means nothing until it yields to reality.
At 4:20 p.m. on March 12, Sealy issued a press release that said the Dave McIlquham Era at the company had come to an end. His resignation as Sealy’s chairman, president and CEO was effective immediately, the release said. His 18-year career at Sealy, one that I witnessed from the beginning, was over.
I can’t say the development was surprising. I had been hearing for weeks that Sealy was looking for new top leadership. It wasn’t hard to understand why: Sealy’s stock was sinking and the company was losing ground to key competitors.
But I have to admit to a feeling of sadness when I read the press release, which was burnished with all the typical praise for a departing executive, one who would be pursuing “new opportunities” and would “spend more time with his family.”
Say what you will about McIlquham — and opinions at the ISPA show were decidedly mixed — he was a survivor. He came out on top in several ownership changes, any one of which could have ended his career at Sealy. For years he answered to Kohlberg Kravis Roberts and Co., the private equity firm featured prominently in “Barbarians at the Gate,” the book about early days of leveraged buyouts. Managing investors like KKR is not easy, I’ve been told, and must have taken considerable skill. The fact that he survived for as long as he did is a testament to his ability as a CEO.
It also must be noted that Sealy’s sales grew dramatically in the almost two decades that McIlquham held top positions there, moving from the marketing department to the CEO’s suite, which he occupied for the last six years. Yes, Sealy has stumbled recently. But it was a strong performer for many years.
I have several good memories of working with McIlquham. A recent experience stands out. Last fall top Sealy executives invited me to lunch at their headquarters for a private discussion of how Sealy was handling several key industry issues. McIlquham asked me what I thought, listened attentively, and accepted my constructive criticisms. Not too many CEOs would welcome such candid comments. That McIlquham did was one sign of his leadership skills.

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