Larry Rogers to retire as president, CEO of bedding giant Sealy
Larry Thomas -- Furniture Today, December 13, 2011
ARCHDALE, N.C. — Sealy Corp. announced Tuesday that Larry Rogers, the bedding producer's president and CEO since 2008, will retire next year.
Rogers, 63, will continue to lead the company until his successor is appointed.
His retirement marks the end of a 33-year career with the company, which hired him in September 1979 as sales manager of its Winnipeg, Manitoba, facility.
"After more than three decades at Sealy, I have decided that the time is right for me to retire, knowing that I will leave a company that is well-positioned, despite the ongoing difficulties in the macroeconomic environment," Rogers said. "I am proud to have been a part of this great company and to have played a role in Sealy's expansion across the U.S. and worldwide."
"Together we have built a strong portfolio of brands under the Sealy umbrella and I am confident that our team will continue to build on that strength in the future. I look forward to working with the board of directors, my successor and the rest of the Sealy team to ensure a seamless transition," he added.
Rogers spent the first 15 years of his Sealy career in Canada and became president of Sealy Canada in 1988.
He was promoted to vice president, international, in 1994 and became corporate vice president and general manager of the international group in 1998.
He was then promoted to president of the international bedding group in 2001, and was named president of North American bedding in 2006.
The company said its board of directors has formed a search committee and hired an executive search firm to advise it on potential candidates.
"On behalf of the board and everyone at Sealy, I would like to thank Larry not only for his leadership, but also for the dedication and commitment that he has given to Sealy for over 30 years," said Paul Norris, non-executive chairman of the board. "During his tenure as CEO, he has guided the company through some of the most tumultuous times that we have seen in both the industry and the U.S. economy, while advancing Sealy's status as the preeminent mattress company in the world."
No specific date has been set for Rogers' retirement, but Sealy said in a Securities and Exchange Commission filing that it will take place no later than Jan. 15, 2013.
The company said Rogers will step down as CEO and as a board member as soon as a new
CEO begins work, but will continue to receive his full salary until January 2013. His 2012 bonus also will be calculated as if he had been CEO for the entire year.
Beginning in January 2013, he will work as a consultant for Sealy until Jan. 15, 2014, and will receive a minimum of 25% of his base salary, according to the filing.
In addition, the company will provide him with tax planning assistance and will pay relocation expenses for his move back to Canada.