Oct 26 (Reuters) - Tempur Sealy International Inc plans to cut about 140 jobs, or 2 percent of its workforce, as the mattress maker looks to cut costs and boost margins under new Chief Executive Scott Thompson.
The job cuts will be at Tempur Sealy’s headquarters and its international and sales operations, spokesman Rick Maynard said in an email on Monday.
The Wall Street Journal first reported the job cuts on Monday. (on.wsj.com/1KBngIb)
Thompson, a former CEO of car rental company Dollar Thrifty Automotive Group, was appointed Tempur Sealy’s CEO and chairman on Sept. 8, four months after Mark Sarvary resigned.
Lexington, Kentucky-based Tempur Sealy’s shares closed at $73.25 on Monday on the New York Stock Exchange.
Up to Monday’s close, the stock had risen 18 percent since May 8, when shareholders led by activist investor H Partners Management LLC voted Sarvary out of the company’s board. (Reporting by Ramkumar Iyer in Bengaluru; Editing by Kirti Pandey)