H Partners Still Cleaning House With Tempur Sealy (NYSE: TPX)
H Partners is trying to overthrow the Tempur (NYSE: TPX) CEO and two board members board. Well, today, it looks like they might be all set to clean house. Glass Lewis has sided with the activist in its recommendation to refuse election of the board chair and two PE firm directors.
The argument is that Tempur has underperformed peers over the last five years or so, since the merger with Sealy.
ISS ruled in favor of H Partners just last week. They came to a similar conclusion. The annual meeting is set for May 8.