WEST LONG BRANCH, N.J.—Michael Fux, founder of Sleep Innovations, has said he will not be returning as chief executive officer when the company emerges from Chapter 11 bankruptcy protection after all.
A Sleep Innovations statement issued this afternoon said Fux has told the company that he wants to spend more time on personal endeavors and his philanthropic activities. In December, Sleep Innovations announced that Fux, who founded the company in 1996 and sold it to a private-equity firm in 2005, would return as CEO when the company emerged from Chapter 11 in the first quarter. Rick Heller, who has been CEO since last August, will stay on in this role “until a new CEO is named,” according to Jim Judge, executive vice president.
The company also said the plan of reorganization for Sleep Innovation’s emergence from Chapter 11 has been “overwhelmingly approved” by its creditors, the statement added. Because of the creditors’ acceptance, Sleep Innovations said it anticipates that it will emerge from Chapter 11 by late February, ahead of schedule, and without using all of the debtor-in-possession financing granted by the court.