Sealy Directors Lose 30% of Votes

Proxy advisory services had recommended 'no' votes for three compensation committee members.

Sealy Corp., the mattress maker that is 45 percent owned by private-equity firm KKR & Co., said more than 30 percent of its shareholders withheld support for three directors after the company faced governance criticism.

Gary Morin won 70 percent of votes, and Deborah Ellinger and James Johnston got 69 percent of votes at Sealy’s annual stockholders meeting on April 18, the company said in a regulatory filing today. ISS and Glass Lewis & Co., two shareholder advisory services, had recommended “no” votes for the three directors last month.

FPR Partners, the San Francisco-based firm that owns about 8 percent of Sealy, said in a letter that it was “disappointed and perplexed” by the board’s response to H Partners.

The votes were enough for the three directors as well as the remainder of the nominees to be elected in the April 18 vote.

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