Mattress Firm Announces Senior Management Leadership Transition

  Gary Fazio Named Chairman, Steve Stagner to President and CEO


  Houston, TX • February 10, 2010

Mattress Firm, Inc., one of the nation’s leading specialty mattress retailers, today announced changes to the company’s senior management team as part of the succession plan that was put into place in 2007. Steve Stagner has been promoted to President and Chief Executive Officer and Gary Fazio has been elevated to Chairman of the Board of Directors. Both changes were effective February 3, 2010, the beginning of the company’s new fiscal year. With these changes, Stagner will assume the direct leadership of all day-to-day operations of Mattress Firm, while Fazio will focus on strategic growth opportunities for the company.

Fazio joined Mattress Firm in 2001 and guided the retailer from a regional player to the nation’s leading multi-brand mattress retailer, more than tripling store count. Mattress Firm is now over $500 million in sales, and ranks in the Top 15 companies in the broader Furniture and Bedding Industry. Many of Fazio’s initiatives launched nine years ago are now a part of Mattress Firm’s differentiating concept such as the company’s innovative store design, expanded merchandise assortment, luxury product leadership position, Red Carpet delivery service and highly efficient warehouse and delivery system.

“In January 2007, we began a process designed to empower our key leaders to accelerate Mattress Firm’s growth objectives and move the company into a leadership position in the industry,” said Fazio. “That aggressive approach has allowed us to grow quickly yet strategically and establish ourselves as an industry leader. We have a strong foundation, a proven retail model, and a great team for future growth and Steve is the perfect leader to execute on this opportunity.”

Stagner has been with Mattress Firm since 2005 when his franchise group, Mattress Firm Elite, was acquired by Mattress Firm corporate. Named President in 2006, Stagner’s leadership role has included operations, merchandising, sales and marketing and training, as well as real estate, where he led the creation of a proprietary, metrics-base decision making program that has become a model in the specialty retail industry. Stagner began his career on the manufacturing side of the bedding industry prior to opening his first Mattress Firm franchise store in 1996 in Atlanta. He and his high performance team built the franchise group to become the company’s largest with 50 stores in six markets and over $60 million in sales making it an attractive acquisition for Mattress Firm.

“In the last three years we have made six acquisitions, opened five new markets, and opened more than 200 stores under the Mattress Firm banner,” said Stagner. “We gained market share during the downturn. I am looking forward to my expanded role with Mattress Firm and to the challenges of maintaining an aggressive growth strategy while also continuing to provide our customers with the unmatched shopping experience that has defined Mattress Firm. I have never been more excited about our potential.”

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