"We view this as a positive development" for Tempur Sealy, said a team of Wedbush analysts led by Seth Basham in a note provided to TheStreet.
Citing Stagner's "rocky" relationship with senior management of Tempur, Basham and his colleagues said that with the CEO the chances rise that Mattress Firm will "rekindle" a distribution agreement with Tempur Sealy.
"We continue to rate TPX OUTPERFORM on the basis of improving fundamentals and the potential for a new agreement" with Mattress Firm, the analysts wrote.
The Mattress Firm's board said in a statement that it has started an executive search for a new chief executive.
"It has been my honor and privilege to have served the passionate and hardworking team at Mattress Firm for more than two decades," said Stagner in a statement. "I am looking forward to spending more time with my family after a busy year and will continue to root for Mattress Firm as they evolve and grow."
Tempur Sealy didn't immediately respond to a request for comment.