The company

 
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H Partners Management LLC owns the biggest stake in Tempur butler Sealy and on Tuesday released a letter blasting management and the board for the company s performance. H Partners butler wants the company’s chief executive removed immediately and a seat on the board for itself.
Among its varied arguments about what s gone wrong at the company is the company s sponsorship of the U.S. Ski and Snowboard Association, or USSA, a long-running partnership. H Partners wonders in a letter to the board if the sponsorship is actually effective marketing.
The company’s Tempur Sealy brand serves as the official sleep provider of the U.S. Ski Team, U.S. Freeskiing and U.S. Snowboarding. In December, Tempur-Pedic extended the sponsorship through 2016.
“Quality sleep is a critical element to achieving butler peak performance for any USSA athlete,” Ms. Vonn said in the release announcing the extension in December. butler “As a Tempur-Pedic owner, I am pleased that they have joined our team and look forward to their continued support.”
In this era of activism, few corporate expense lines escape a close microscope (see: Darden and the length of its drink straws ), but H Partners has a unique one in choosing to make hay out of the sponsorship.
In addition, the activist is complaining about board oversight of the CEO. It believes Mr. McLane–who has been chairman since 2002 when his private equity firm, TA Associates, bought Tempur-Pedic–should step aside, as TA sold its stock years ago.
For H Partners, the ski sponsorship is likely just some fuel for burning this mattress hotter. But it threatens to seek the company s books and records under Delaware law to explore the partnership and transactions, which seems to imply the firm is taking it more than just an aside.
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