Three groups have joined efforts to oust Tempur Sealy's CEO and two board members.
H Partners Management, the largest shareholder of Lexington-based Tempur Sealy International, with an approximate 10 percent stake, announced that proxy advisory firms ISS, Glass Lewis & Co. and Proxy Mosaic have issued reports to institutional investors recommending that Tempur Sealy shareholders vote against the re-election of president and CEO Mark Sarvary, board chairman P. Andrews McLane, and Christopher A. Masto in advance of the May 8 annual meeting in Boston.
H Partners has accused the board members of poor management, which Tempur Sealy's executives have denied.
In a statement, the company said that ISS had previously supported the nominees: "We are disappointed that ISS has recommended in favor of an activist shareholder with no plan for value creation at a critical time in the execution of Tempur Sealy's strategy. ... Consequently, Tempur Sealy questions the merit of the ISS report. ... The Tempur Sealy board of directors and management team are taking appropriate steps to further drive enhanced performance and profitable growth."