Monday, January 29, 2018

Mattress Firm shakeup as CEO resigns

Chain Store Age

Mattress Firm’s president and CEO Ken Murphy is stepping down after two years on the job. He will be succeeded by Steve Stagner, executive chairman, effective March 1. Stagner, who has been with Mattress Firm for more than 20 years, previously served as CEO from February 2010 to March 2016, handing over the reins to Murphy.

Stagner returns to the CEO role at a turbulent time in the company. In September 2016, Mattress Firm was acquired by South African conglomerate Steinhoff International Holdings in a $3.8 billion deal that included Steinhoff assuming more than $1 billion in debt the U.S. retailer had racked up in an expansion move that saw it acquire several major competitors. Last December, Steinhoff’s president and chairman resigned following the discovery of what the company described as “accounting irregularities.”. . . more