Sleep Number is getting into the under $1,000 smart bed category in the third quarter. Photo courtesy of Sleep Number.
MINNEAPOLIS – Sleep Number Corp. and its largest investor have come to an agreement that five of the company’s current board members will retire.
Late last year, Stadium Capital Management, the company’s largest shareholder, nominated four new board candidates and pushed to appoint bedding industry veteran Gary Fazio as a strategic advisor.
Shelly Ibach, Sleep Number’s outgoing chair, president and CEO, announced her retirement in October, and Michael Harrison, Sleep Number board’s independent lead director said earlier this month he would retire at the upcoming annual meeting.
In addition, board member Barbara Matas will not stand for reelection at the meeting, and Brenda Lauderback and Stephen Gulis Jr. are moving up their retirements from the board. Lauderback will retire Dec. 31, and Gulis plans to retire either upon completion of Sleep Number’s debt refinancing or at the company’s 2026 annual meeting.
As part of the changes, the board has appointed incumbent director Hilary Schneider chair of the management development and compensation committee, effective after the 2025 annual meeting.
“I appreciate the time Stadium Capital has spent with Linda Findley, our incoming president and CEO, and me,” said Phillip M. Eyler, incoming chair of the board. “We are pleased to have reached this agreement so that Linda and the board can focus their full attention on strengthening Sleep Number’s performance during this challenging market environment and continuing to position the company for profitable growth. We are committed to maximizing value for our shareholders. We look forward to and welcome constructive input from Stadium Capital and other shareholders as we make important decisions for the future of Sleep Number.”
Under the agreement, Stadium Capital will withdraw its director nominations and will vote in favor of Sleep Number’s nominees at the company’s annual meeting.
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