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Select Comfort Corporation Appoints Jean-Michel Valette Chairman of the Board

^{Published on 2010-05-19 12:20:23 - Market Wire}
 

MINNEAPOLIS--([ BUSINESS WIRE ])--Select Comfort Corporation (NASDAQ: SCSS) today announced that Jean-Michel Valette has been appointed chairman of the board of directors.

"We are pleased that Jean-Michel has accepted the position as chairman at such an exciting time in the companya™s history"

Valette, who has been a member of Select Comforta™s board of directors for more than 15 years, has served in executive and director roles for several companies across different industries. Currently, Valette is the chairman of Peeta™s Coffee and Tea, Inc., and a director on the board of The Boston Beer Company. Previously, Valette was the non-executive chairman of the Robert Mondavi Winery as well as the companya™s president and managing director. Valette also has been an independent adviser for branded consumer companies for more than 10 years.

Valette will continue to serve as a member of the boarda™s audit committee. He succeeds Ervin R. Shames, who will continue as a member of Select Comforta™s board.

aWe are pleased that Jean-Michel has accepted the position as chairman at such an exciting time in the companya™s history,a said William R. McLaughlin, president and CEO, Select Comfort. aHis extensiveexperience as a senior executive and director for multiple national branded consumer companies will bring strong benefits to Select Comfort as we continue to capitalize on our unique brand and competitive advantages to achieve long-term growth and value creation for shareholders. I also want to personally thank Erv for his invaluable insight, leadership and counsel during his combined five years as board chair.a

In other business, shareholders approved the election of David T. Kollat and William R. McLaughlin to three-year terms as directors during the companya™s annual meeting of shareholders, held at the Radisson Plaza Hotel in Minneapolis earlier today. In addition, shareholders approved the companya™s 2010 omnibus incentive plan, adopted plurality voting in the event of a contested election of directors, and ratified the appointment of Deloitte & Touche, L.L.P., as the companya™s independent accounting firm for the fiscal year ending January 1, 2011.

About Select Comfort Corporation

Founded more than 20 years ago and based in Minneapolis, Select Comfort Corporation designs, manufactures, markets and supports a line of adjustable-firmness mattresses featuring air-chamber technology, branded the Sleep Number^® bed, as well as foundations and bedding accessories. SELECT COMFORT^® products are sold through its approximately 400 company-owned stores located across the United States; select bedding retailers; direct marketing operations; and online at [ www.sleepnumber.com ].

Forward-Looking Statements

Statements used in this news release relating to future plans, events, financial results or performance are forward-looking statements subject to certain risks and uncertainties including, among others, such factors as current general and industry economic trends; consumer confidence; the effectiveness of our marketing and sales programs, including advertising and promotional efforts; consumer acceptance of our products, product quality and brand image; our ability to continue to improve our product line and product quality; warranty obligations; availability of attractive and cost-effective consumer credit options; execution of our retail store distribution strategy; rising commodity costs and other inflationary pressures; our dependence on significant suppliers, including several sole-source suppliers and the vulnerability of suppliers to recessionary pressures; industry competition; risks of pending and potentially unforeseen litigation; our ability to fund our operations through cash flow from operations or availability under our bank line of credit or other sources; increasing government regulations; the adequacy of our management information systems to meet the evolving needs of our business and evolving regulatory standards; our ability to attract and retain key employees; and uncertainties arising from global events, such as terrorist attacks or a pandemic outbreak, or the threat of such events. Additional information concerning these and other risks and uncertainties is contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, and other periodic reports filed with the SEC. The company has no obligation to publicly update or revise any of the forward-looking statements in this news release.