Serta Simmons Bedding Announces CEO Transition

Serta Simmons Bedding, LLC ("SSB"), the largest manufacturer and distributor of mattresses in North America, recently announced that Michael Traub will step down as Chief Executive Officer and member of the Board of Directors, effective April 17, 2019. Effective April 18, 2019, David L. Swift, Executive Chairman of SSB’s parent Board of Directors, will assume the role of SSB Chairman and Chief Executive Officer.

Swift is Executive Business Partner at Advent International and has served as Chairman of the Board of Directors for Serta Simmons Bedding since April 2013. He has more than 30 years of experience leading private equity-owned and public entities.

David Swift

“On behalf of the Company’s Board of Directors, I want to thank Michael for his many contributions to SSB,” said Swift. “Since joining SSB as president of Serta, Inc. in 2014 and becoming CEO of SSB in 2016, Michael has led the company through a period of unprecedented market disruption and transformation. He has positioned SSB for future growth and value creation through the integration of the Serta and Simmons brands, modernizing our manufacturing network and spearheading our merger with Tuft & Needle.”

“While the Board is grateful to Michael for his many contributions, we believe the time is right for this transition,” Swift continued. “We remain committed to creating new growth opportunities for employees and partners, delivering innovative products and a great sleep experience for our consumers, and creating long term value for our shareholders.”

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About Serta Simmons Bedding, LLC: Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta, which has five other independent licensees, and Beautyrest. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Tuft & Needle, the original direct-to-consumer mattress brand. SSB operates more than 30 manufacturing plants throughout the United States and Canada.