Sleep Number Corporation announced on March 13, 2025, that it has entered into an agreement with Stadium Capital Management, LLC, its largest shareholder, resolving a period of public dispute. This agreement facilitates a significant refreshment and reduction in the size of the Board of Directors.
As part of the agreement, five current members of the Board will be retiring. Michael J. Harrison and Shelly R. Ibach will not stand for reelection at the 2025 Annual Meeting, and Barbara R. Matas has also agreed not to stand for reelection. Additionally, Brenda J. Lauderback and Stephen L. Gulis, Jr. have agreed to accelerate their previously announced retirements.
In exchange for these board changes, Stadium Capital has agreed to withdraw its previously submitted director nominations and will vote all of its shares in favor of Sleep Number’s nominees at the 2025 Annual Meeting. This resolution allows the new leadership team, including incoming CEO Linda Findley and Board Chair Phillip M. Eyler, to focus on strengthening the company's performance and pursuing profitable growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.