Simmons management will stay
David Perry -- Furniture Today, November 24, 2003
Atlanta — The outline of a blockbuster transaction for the sale of Simmons Co. confirms what Simmons CEO Charlie Eitel said when he announced the possible sale of the company a few months ago.
Simmons management would remain in place, Eitel said then, whether the company is sold or not. And the deal with Thomas H. Lee Partners announced last week does leave Simmons' management team in place.
Eitel, 54, who joined the company in January 2000, will remain chairman and chief executive officer. Also staying will be key managers, including Bob Hellyer, president; Bill Creekmuir, executive vice president and chief financial officer; and Rhonda Rousch, executive vice president of human resources.
Senior vice presidents Don Hofmann in marketing, Kevin Damewood in sales, Al Podratsky in procurement, Bob Carstens in operations and Kristen McGuffey in legal also will remain.
Officials with Thomas H. Lee Partners and Fenway Partners, which will retain a 10% stake in the company, praised Eitel's team for producing outstanding results.
"There is no way the company would have sold for $1.1 billion if management didn't stay in place," Eitel said. "A big part of what they are buying is management."
He added, "We have created a company where people like what they do and they like the company. ... I love this industry and I'm still learning every day."
