CEO of Serta Simmons Bedding Steps Down within 3 Months

Charlie Eitel, the CEO of Serta Simmons Bedding, has tendered his resignation, as announced by the company on Monday. Eitel had held the position for approximately three months. Mark Genender, who serves as the chairman of the board of directors, has been appointed as the interim CEO. These leadership changes take immediate effect, and the board has initiated the search for the next CEO.

Eitel did not provide a specific reason for his departure or disclose his next career move. In a statement, he expressed, “It has been a privilege to join [Serta Simmons Bedding] and set the course for the company’s future.”

Genender is a managing partner at Bristol Growth Capital, an advisory firm catering to small and micro-cap companies. Previously, Genender was a member of the Simmons Bedding board while also serving as a managing director and partner at Fenway Partners, a private equity firm.

Genender expressed his commitment to ensuring a smooth transition and continued execution of the turnaround strategy. He also emphasized the company’s focus on innovation, brand enhancement, retail partnerships, and maintaining a high-performing supply chain.

Serta Simmons Bedding, one of the prominent bedding manufacturers and retailers in the United States, has undergone a series of changes this year, including starting the year with a Chapter 11 bankruptcy filing. The company entered bankruptcy protection with a restructuring agreement involving most of its lenders and equity holders. This move reduced the company’s funded debt from approximately $1.9 billion to about $315 million. In June, the company emerged from Chapter 11 and announced a new board of directors, including Eitel and Genender. Eitel assumed the role of CEO in July.

Serta Simmons detailed its post-bankruptcy turnaround plan, focusing on four key elements: product innovation, investments in brand positioning and marketing, sales growth, and supply chain investments.

Mark Genender, as the Interim CEO, will lead an executive team that comprises interim Chief Financial Officer Lisa Wyn, Chief Operations Officer Rob Burch (in the position since August), Chief Sales Officer Dominick Azevedo, who took on the role in June, Chief Marketing Officer Tim Oakhill, Chief Legal Officer Kristen McGuffey, and Chief Human Resources Officer Esther Ni.

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