There comes a time when change is necessary, both personally and for the Company, and I will refocus my energy on my family and the communities in which we live.
David J. McIlquham, Outgoing CEO, Chairman and President of Sealy

Sealy Corporation (NYSE: ZZ) announced late Wednesday that CEO, Chairman and President David J. McIlquham has resigned effective immediately. Sealy's Board of Directors said it "has determined that it is in the best interest of the Company to seek new leadership to achieve the Company's long-term goals and initiatives."

Lawrence J. "Larry" Rogers will become interim Chief Executive Officer, Paul Norris will become Non-Executive Chairman of the Board.

Rogers joined Sealy in 1979 and has been President of Sealy North America since December 2006. He has also served as President of Sealy International as well as President of Sealy of Canada.

Paul Norris is a current Sealy Board Member and former Chairman and CEO of W.R. Grace & Co. He is also a Senior Advisor at Kohlberg Kravis Roberts & Co. (KKR), Sealy's largest shareholder.

Rogers emphasized, "The Company will maintain its focus on its strategic initiatives during the search for a permanent Chief Executive Officer. We will concentrate our efforts on execution during a crucial time for Sealy as we launch our new Posturepedic line, continue to grow our specialty bedding and international businesses and drive efficiencies across the organization."

"Dave has our sincere gratitude for his tireless work over many years, building the premier bedding company in the world over the past eighteen years, including the last six as chief executive officer," said Mr. Norris. "He helped guide the Company to meaningful revenue growth, and we now have an opportunity to build on that success by adding a new CEO to an already-strong management team. The Board has the utmost trust in this management team and is excited about the new Posturepedic rollout that has to date been so well received by retailers and consumers."

McIlquham commented, "There comes a time when change is necessary, both personally and for the Company, and I will refocus my energy on my family and the communities in which we live."

The Board has commenced the search for a new CEO. Senior management will further discuss the Company's strategy and recent results on Sealy's next quarterly earnings call scheduled for April 8, 2008.

Sealy is the largest bedding manufacturer in the world with sales of approximately $1.7 billion in 2007.