Michael Thompson has resigned as CEO of Corsicana Mattress.
DALLAS – Corsicana Mattress Co. is looking for a new CEO.
Michael Thompson, who joined the company in 2018, has resigned effective March 25. Thompson was named CEO three years after Long Point Capital acquired a majority interest in Corsicana.
According to the company, Thompson will remain as a consultant with Corsicana through April, and the company is looking for a successor.
“Mike has driven Corsicana to new heights during his tenure, and his many achievements are well documented. He has decided that now is the right time to step down, and while we are all sorry to see him leave, we wish him and his family nothing but the very best in all his future endeavors,” said Matthew Kahn, lead director of the Corsicana board. “We have an exceptional senior leadership team that will continue to lead our people and work with our customers as we address a new CEO in short order.”
During Thompson’s tenure, Corsicana shifted implemented a consumer segmentation strategy for product development, changed its product mix to include a number of brands and is in the midst of making a push into the boxed bed segment with a direct-to-consumer strategy. In addition, Corsicana acquired Symbol Mattress last year.
Since that acquisition, the company has integrated the two companies and consolidated factories closing three former Symbol locations and one Corsicana facility. In line with the Symbol purchase, Corsicana secured $142.5 million in financing through Boston-based Capstone Partners. The company received another round of financing last year through Atlanta-based Wingspire with a $40 million senior secured credit line.
“I am so proud of the senior leadership team, our people and the partnerships we have with our customers, all of whom enabled us to transform Corsicana into a stronger and more innovative company,” said Thompson. “The Corsicana team executed an unprecedented and rapid transformation of the company in a very challenging business environment. The decision to depart was not easy. I began thinking of the next chapter in my life around the holidays and decided that with the transformation largely completed, this was the right time for me to exit.”