Client H Partners Records Historic “Precedent-Setting Victory” in its Successful ‘Withhold’ Proxy Contest Against Tempur Sealy
The Wall Street Journal, The New York Times Dealbook, BloombergBusiness, Reuters, Forbes and numerous other national media outlets reported on client H Partners’ “precedential victory” in its withhold campaign seeking to “vote against” the re-election of three of the company’s director candidates at Tempur Sealy International’s 2015 Annual Meeting. Shareholders overwhelmingly voted against the re-election of all three of the directors targeted by H Partners, which included the Chairman, the CEO and the Chair of the Nominating and Corporate Governance Committee. Following the Annual Meeting, H Partners and Tempur Sealy reached an agreement calling for significant leadership and board changes, including the immediate termination of the CEO, the resignation of the three targeted directors, board representation for H Partners, and an H Partners representative leading the CEO search, among other things. The Wall Street Journal heralded H Partners’ campaign as “something of a precedent-setting victory for activism.” Steve Wolosky, Andrew Freedman and Meagan Reda represented H Partners in this proxy fight with assistance from Jeffrey Udell, Lori Marks-Esterman and Matteo Rosselli on litigation issues.