Board member succeeding interim CEO to helm bedding giant

YSN Staff

Serta Simmons Bedding (SSB) has appointed Jim Loree, a member of the company’s board of directors, to the position of CEO, effective July 1. He’ll replace Serta’s interim CEO, Mark Genender, who will continue to serve as board chairman.

Loree joins SSB from Stanley Black & Decker, where he served in an executive capacity for 25 years, including six as CEO.

Jim Loree

“I am honored to have the opportunity to lead the Serta Simmons Bedding team into the next phase of our company’s turnaround, grounded in progress and profitable growth,” Loree said in a statement. “Mark and the leadership team have laid a strong foundation for success, and I look forward to building on the turnaround strategy and developing a strong culture of accountability focused on driving financial results.”

Track Record

During Loree’s tenure at Stanley Works, he spearheaded growth strategies that enhanced the company’s advanced manufacturing capabilities and grew revenue from $2 billion to $16 billion. The tool and hardware manufacturer also increased operational excellence and responsible business practices under his leadership, and was recognized as a best workplace for innovators as well as for diversity and inclusion.

Prior to joining Stanley, Loree spent 19 years at General Electric in a series of leadership positions in finance, strategic planning and operational management.

He currently sits on the Whirlpool Corp. board.

Genender said Loree’s professional experience makes him uniquely suited for his new role.

“We are confident he is the right choice to help us continue accelerating our turnaround efforts and drive financial results,” he said. “He brings deep experience from Stanley Black & Decker and General Electric and a record of delivering operating and financial results, and I look forward to working closely with him as board chairman as we continue to expand our business and drive profitability.”

Turning a Corner

Genender referenced the manufacturer’s recent financial restructuring and expressed optimism about the company’s direction.

“It’s been a privilege to serve as interim CEO, and I’m proud of the entire SSB team’s commitment to our turnaround efforts,” he said. “Over the last eight months, we have successfully relaunched a large portion of our product portfolio, enhanced critical retail relationships, initiated national advertising campaigns and improved service levels and operating metrics across our plant network. These accomplishments have only been possible through coordination and teamwork across all functions of the organization. We are beginning to see the success of these efforts through regained market share, and we are well positioned for future growth and success.”

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