Hellyer leaves Spring Air
Damewood, Cumbow step in for now
By Larry Thomas -- Furniture Today, September 14, 2008
TAMPA, Fla. — Bob Hellyer has resigned as CEO of bedding producer Spring Air, a post he had held since June 2007, the company announced last week.
Spring Air gave no reason for Hellyer's departure. In a press release, it said that Executive Vice President Kevin Damewood and Chief Operating Officer Steve Cumbow will jointly lead the company until a new CEO is hired.
“We greatly appreciate the contributions Bob made to revamp the product line and institute a vision of quality, service and value to the organization,” said Michael Michienzi, non-executive chairman of Spring Air's board. “We felt that Bob's strong suit was his ability to communicate that vision and appreciate his service to our company.”
Michienzi, who also is a principal at Spring Air's largest shareholder, American Capital Ltd., said the company will interview people inside and outside the mattress industry as part of the search for Hellyer's replacement.
In the interim, Damewood will oversee sales and marketing while Cumbow will supervise finance, manufacturing, logistics and administration. Both will report to the board of directors.
Hellyer was hired when Consolidated Bedding, Spring Air's largest licensee, acquired six other licensees and simultaneously merged with Spring Air Co. as part of a “roll-up” transaction.
Since the transaction, the company has closed factories in Denver and Birmingham, Ala., and moved its headquarters from the Chicago area to Tampa.
Hellyer said he hopes to stay in the bedding industry. He also said he expects Spring Air to succeed.
“I am excited about Spring Air's future,” he said. “I do believe it's the best product line in the marketplace and it's proven that with the dealers that carry it.”
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Hellyer resigns as Spring Air CEO
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