(Bloomberg) -- Debt issued by Serta Simmons Bedding LLC slid after the largest North American mattress distributor said its chief executive officer is leaving.

Michael Traub will depart on April 17, according to a company statement sent to Bloomberg. Stepping into the position is David Swift, executive chairman of Serta’s private equity owners. Traub became president of Serta Inc. in 2014 and CEO of SSB in 2016, according to the statement.

“While the Board is grateful to Michael for his many contributions, we believe the time is right for this transition,” Swift said in the statement.

The retailer’s first-lien loan fell by about about 2 cents on the dollar to trade around 73 cents as news of Traub’s departure spread, according to people with knowledge of the pricing.

Swift is executive business partner at Serta’s private equity sponsor, Advent International and has served as chairman of the board for Serta Simmons Bedding since April 2013, according to the statement.

Serta Simmons operates more than 30 factories throughout the U.S. and Canada, according to its website. The business recently acquired Tuft & Needle, the original direct-to-consumer mattress brand.

To contact the reporter on this story: Katherine Doherty in New York at kdoherty23@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net

©2019 Bloomberg L.P.