Somnigroup International Inc. has announced the extension of Chairman, CEO and President Scott Thompson's employment contract through to 31 December 2029. The decision, approved by the independent members of the Board of Directors and recommended by the Human Resources/Capital and Talent Committee, reflects confidence in Thompson's continued leadership and strategic vision.
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At the helm since September 2015, Thompson has overseen a period of significant growth and transformation at Somnigroup, with the company's share price increasing by over 250%, outperforming both the S&P 500 and the Russell 2000 Indexes.
Richard W. Neu, Lead Director of the Somnigroup Board, remarked: 'We are pleased to reaffirm our confidence in Mr. Thompson's leadership as he guides Somnigroup into an exciting new era of opportunity and growth. Under his direction, the Company has strengthened its global competitive position, closed significant domestic and international acquisitions, and returned approximately $3 billion to shareholders through a combination of dividends and share repurchases.'
In response, Thompson commented: 'It is a privilege to continue leading Somnigroup and to work alongside such a dedicated and talented management team. I am sincerely grateful to our employees, customers, suppliers, Board of Directors, and shareholders for their ongoing support. We are all looking forward to building upon the progress and momentum we have achieved to date as we continue to execute on our long-term growth plan.'
As part of the extension, Thompson has been awarded 1.2 million stock options, to be issued in three equal tranches with progressively increasing strike prices. Additionally, the Board has granted him a one-time $10 million transaction bonus in recognition of his key role in the successful acquisition of Mattress Firm. No other material changes have been made to his existing contract, which includes base salary and an annual incentive compensation plan.
Somnigroup, whose portfolio includes Tempur-Pedic®, Sealy®, Stearns & Foster®, and Sleepy's®, serves over 100 countries through brands such as Tempur Sealy, Mattress Firm, and Dreams, and remains committed to innovation in sleep solutions, distribution and global retail experiences.
More information:
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Investor.relations@somnigroup.com
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