StarTribune.com
localbrfs062408

Home | Business

Select Comfort stakeholder seeks new CEO

Last update: June 23, 2008 - 10:40 PM

Clinton Group, a 7.73 percent stakeholder in Select Comfort Corp., sent a letter to the board Monday calling for the replacement of Chief Executive Officer Bill McLaughlin and revision of the company's marketing strategy.

In the letter, disclosed in a filing with the Securities and Exchange Commission, Clinton Group also expressed disappointment that the Minneapolis bed retailer declined the shareholder's request for two board seats.

Clinton Group suggested that Select Comfort revise its marketing strategy to refocus on direct marketing and immediately cease all new store openings and unnecessary capital expenditures until sales improve.

Shares of Select Comfort closed Monday at $2.35, up 3 cents.

DOW JONES NEWS WIRES

Gabelli funds report stake in PepsiAmericas

A group of funds managed by Mario Gabelli's Gamco Investors Inc. on Monday reported a 5.25 percent stake in PepsiAmericas Inc. The Gabelli group beneficially owns about 6.7 million shares of the Minneapolis bottler of PepsiCo beverages, according to a filing with the Securities and Exchange Commission.

Recent Business stories

Raptor Pharmaceutical's genetic disorder drug meets midstage study goals - June 23, 2008
Raptor Pharmaceutical's genetic disorder drug meets midstage study goals - Raptor Pharmaceutical Corp. said Monday its developing treatment for the genetic disorder nephropathic cystinosis met key goals in a midstage study. More

Comment on this story   |   Read all 1 comments   |  Hide reader comments

Subscribe

Blog: Patent Pending

Lights out at U energy conference. Irony police notified.

Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.

Recent posts