Southerland Purchased by Employees
May 19, 2010,
NASHVILLE, Tenn.-Mattress manufacturer Southerland has been acquired by employees through an Employee Stock Ownership Plan.
The transaction closed on May 17, and the company is now led by its co-presidents, David Corbin and Stephen Russo (former president and chief executive officer of Restonic), and its executive vice president and chief financial officer, Bryan Smith. Herman Southerland has retired as chairman and CEO, while Marty Southerland, Trey Southerland and other members of the family remain with the company "in key roles," according to a Southerland statement.