TEMPUR SEALY $76.95 (New York symbol TPX; TSINetwork Rating: Speculative)(800- 878-8889; www.tempursealy.com; Shares outstanding: 61.9 million; Market cap: $4.8 billion; No dividends paid) has named a new chief executive officer.
The previous CEO, Marc Sarvaray, resigned earlier this year under pressure from activist investor H Partners Management, which holds 10% of the company’s shares.
Tempur Sealy’s new CEO and chairman is Scott L. Thompson, who led car-rental agency Dollar Thrifty Automotive until Hertz Global Holdings acquired it in 2012.
The company’s long-term prospects are sound, and its new chief executive should bring a fresh perspective. However, the stock trades at a high 34.2 times the company’s forecast 2015 earnings of $2.25 a share.
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