Global bed business Tempur Sealy International, Inc. has announced that the Board of Directors has extended the term of Scott Thompson’s employment contract as Chairman, Chief Executive Officer and President of the Company to 31 December 2026.

Scott has been Chairman, CEO and President since September 2015.

Richard W. Neu, Lead Director of the Tempur Sealy Board, said: “The Board of Directors is very pleased to extend Scott’s tenure at Tempur Sealy and felt that during the current, ever-changing operating environment it is critical to maintain continuity in executive leadership.

“Since 2015, Tempur Sealy has grown earnings per share at a compounded annual rate of approximately 50 percent and returned over $2 billion to shareholders through dividends and share repurchases. Additionally, the Company’s Sealy and Tempur-Pedic brands have captured significant market share and have become the number 1 and 2 best-selling brands in the United States bedding market.

“The Company has delivered exceptional growth both from traditional strategies and from new initiatives including the rapid expansion of its direct to consumer and OEM channels. We are very confident in the Executive management team’s ability to guide the Company through the challenges of the current market environment while continuing to execute on long-term growth initiatives.”

Scott added: “It is my privilege to lead Tempur Sealy and our talented employees. I am grateful to the Board of Directors and our investors for their continued support. The team and I see more opportunity to build upon Tempur Sealy’s successes, further solidify our market leading position and drive profitable long-term earnings growth for the benefit of all stakeholders.”