Mattress Firm names Steve Rusing as new president

LEXINGTON, Ky. - Somnigroup International, Inc. (NYSE:SGI), currently valued at $12.88 billion and showing strong momentum with a 23.54% return over the past six months, has appointed Steve Rusing as President of Mattress Firm, with his tenure set to begin on March 10, 2025. Rusing, who brings over 30 years of industry experience, particularly from his time at Tempur Sealy, will report directly to Scott Thompson, the Interim CEO of Mattress Firm and the Chairman, President, and CEO of Somnigroup. According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score, suggesting strong operational fundamentals.

In his previous role as President of US Sales at Tempur Sealy, Rusing was credited with playing a key role in the development of the company’s omnichannel strategy and managing sales growth across various distribution channels. His broad expertise covers sales leadership, product development, merchandising, and retailer advertising.

Thompson praised Rusing’s extensive background and impact on the bedding industry, expressing confidence in his ability to lead Mattress Firm as it enters a new phase under Somnigroup’s umbrella. Rusing’s appointment is seen as a strategic move for Mattress Firm, a key player in Somnigroup’s portfolio, which also includes prominent brands such as Tempur-Pedic®, Sealy®, and Stearns & Foster®.

Somnigroup, the world’s largest bedding company, operates in over 100 countries and emphasizes innovation and personalized retail experiences to meet the changing needs of consumers. The company’s commitment to social responsibility includes environmental protection and community support.

Rusing will be based in Houston, Texas, where Mattress Firm’s office is located. This leadership change is part of Somnigroup’s broader initiative to optimize its management structure and strengthen its market position. The information in this article is based on a press release statement.

In other recent news, Silicon Graphics International Corp. (SGI) reported robust financial results for the fourth quarter of 2024, surpassing earnings expectations with an adjusted earnings per share (EPS) of $0.60 and revenue of $1.21 billion, exceeding forecasts. The company also completed a significant merger with Mattress Firm, which is expected to generate $100 million in annual synergies by 2028. Analysts at Truist Securities have expressed confidence in SGI’s future, maintaining a Buy rating and raising the price target to $75, citing strong international sales and domestic wholesale improvements. Jefferies initiated coverage of SGI with a Hold rating, setting a price target of $63, and noted the company’s EPS performance at the upper end of guidance. Despite these positive developments, Jefferies highlighted the complexities in projecting SGI’s 2025 performance due to the inclusion of Mattress Firm’s financials. The valuation of SGI, which is 45% higher than its 3 and 5-year averages, influenced Jefferies’ cautious stance. These developments reflect SGI’s solid performance and strategic growth initiatives amidst a challenging market environment.

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