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Sleep Number Corporation is a wellness technology company that specializes in the design, manufacturing, marketing, and distribution of innovative sleep solutions. The company is dedicated to improving the health and well-being of society through higher-quality sleep, offering products that integrate physical and digital innovations. Sleep Number sells smart beds, adjustable bases, and bedding, primarily to individual consumers in the United States through various retail channels.
- 360 Smart Beds - Offers personalized comfort with firmness adjustability and embedded digital sensors that learn individual sleep needs. Features "sense and do" technology for automatic adjustments and active temperature balancing for an ideal sleep climate.
- Smart Adjustable Bases - Complements smart beds by providing adjustable support and enhancing the overall sleep experience.
- Bedding - Includes a range of products designed to work with smart beds to enhance sleep quality.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Shelly R. Ibach ExecutiveBoard | Chair, President, and CEO | Chairperson of the Minnesota chapter of CEOs Against Cancer; Executive Committee Member, Minnesota Business Partnership. | Longest-tenured female public company CEO in Minnesota; led Sleep Number's transformation into a sleep wellness technology company. | View Report → |
Andrea L. Bloomquist Executive | EVP and Chief Innovation Officer | None | Leads Sleep Number's sleep innovation strategy; joined in 2008 and promoted to current role in 2020. | |
Christopher D. Krusmark Executive | EVP and Chief Human Resources Officer | None | Joined in 2005; promoted to CHRO in 2020; served as Interim CFO from January to August 2023. | |
Francis K. Lee Executive | EVP and CFO | None | Joined in 2023; previously CFO at Wyze Labs and held leadership roles at Nike, Gap, and Marakon Associates. | |
Kevin K. Brown Executive | EVP and Chief Marketing Officer | None | Joined in 2014; oversees brand marketing, communications, and loyalty programs. | |
Melissa Barra Executive | EVP and Chief Sales and Services Officer | None | Joined in 2013; leads customer-focused strategy, including sales, real estate, and customer relationships. | |
Samuel R. Hellfeld Executive | EVP, Chief Legal and Risk Officer | None | Leads legal and risk management functions; confirmed active as of November 2024. | |
Angel L. Mendez Board | Director | Executive Chairman of LevaData; Board Member at Kinaxis and Peloton Interactive. | Appointed in 2022; recognized leader in digital supply chains with over three decades of experience. | |
Barbara R. Matas Board | Director | Director at MidCap Financial Investment Corporation, BRP Group, and MMAIPL. | Director since 2016; extensive experience in corporate finance and capital allocation. | |
Brenda J. Lauderback Board | Director | Director at Denny’s Corporation and Wolverine World Wide, Inc.. | Director since 2004; recognized as one of the Top 100 Directors by NACD in 2017. | |
Deborah L. Kilpatrick Board | Director | Executive Chair of Evidation Health; Board Member at NextGen Jane and The Task Force for Global Health. | Director since 2018; recognized for her expertise in medical devices and digital health products. | |
Hilary A. Schneider Board | Director | Board member at DigitalOcean, Getty Images, and Vail Resorts; Strategic Advisor at Shutterfly, TPG, and Water.org. | Appointed in 2023; former CEO of Shutterfly and LifeLock; extensive experience in consumer technology and corporate governance. | |
Michael J. Harrison Board | Independent Lead Director | Non-Executive Chairman of Seasalt Holdings; Board Member at OOFOS. | Director since 2011; appointed Lead Director in 2022; extensive board governance experience. | |
Phil Eyler Board | Director | President, CEO, and Board Member of Gentherm Incorporated. | Appointed in 2022; visionary leader with expertise in connected technologies and innovation. | |
Stephen E. Macadam Board | Director | Chairman of Atmus Filtration Technologies, Veritiv Corporation, and Director at Louisiana-Pacific Corporation. | Appointed in 2023; former CEO of EnPro Industries and BlueLinx Holdings. | |
Stephen L. Gulis, Jr. Board | Director | Director at Independent Bank Corporation. | Director since 2005; Chair of the Audit Committee; recognized as an "audit committee financial expert" under SEC rules. |
- Given that you did not experience the expected demand improvement in Q3 and are not planning for improvement in Q4, what specific actions are you taking to stimulate consumer demand amid ongoing macroeconomic challenges?
- With operating expenses reduced by $17 million in Q3 and $60 million year-to-date, are these cost reductions sustainable without impacting your ability to invest in growth and innovation initiatives?
- How does the upcoming retirement of CEO Shelly Ibach impact the company's strategic direction, and what plans are in place to ensure a smooth leadership transition during this challenging period?
- Given that financing approval rates and usage have slightly declined, how significant is this trend, and what measures are you taking to mitigate the impact of tighter consumer financing conditions on sales?
- With consumer spending being more concentrated around promotional events and cautious shopping behavior outside of holidays, how are you adjusting your marketing and promotional strategies to drive sales during non-peak periods?
Recent press releases and 8-K filings for SNBR.
- Joel Laing resigns as Vice President, Treasurer, and Chief Accounting Officer effective June 5, 2025, after nearly 13 years with the company.
- Francis Lee, currently the CFO, will assume the role of principal accounting officer effective June 6, 2025.
- Q1 2025 Financial Results: Net sales declined by 16% to $393 million, with a gross profit margin of 61.2%, a net loss of $8.6 million, and Adjusted EBITDA of $22 million (down 41% YoY)
- Organizational Restructuring: The company implemented a new structure aimed at streamlining decision-making, including a 21% reduction in corporate management roles and planned annual operating expense cuts of $80–$100 million (excluding restructuring costs)
- Tariff & Cost Adjustments: Management is addressing external pressures with an estimated $30 million tariff impact (net of a potential $17 million offset) and plans for further cost reductions
- Leadership Changes: New executive appointments include a new Chief Marketing Officer; Melissa Barra as EVP, Chief Product and Enterprise Strategy Officer; Chris Krusmark as EVP, Chief Retail and People Officer; Hitesh Patel with expanded technology consolidation duties; and Tanya Skogerboe as Senior VP, Chief Supply Chain and Transformation Officer. Additionally, the role of Chief Innovation Officer was eliminated, with former incumbent Annie Bloomquist transitioning to an advisory role until May 31, 2025
- Restructured long-term incentive grant: The company amended Linda Findley’s offer letter to convert a $10,000,000 incentive into 724,114 shares of common stock with performance and time-vested components, effective with a grant date of April 15, 2025.
- Leadership update: Linda Findley has been appointed as President, Chief Executive Officer, and Director, effective April 7, 2025, with her compensation package including a cash sign-on bonus paid in installments.
- Sleep Number announced an agreement with its largest shareholder, Stadium Capital, which results in a significant board refresh and a reduction in board size, including the retirement of five directors.
- Under the agreement, Stadium Capital has withdrawn its director nominations, and only Sleep Number’s nominees – including Linda Findley, Deborah L. Kilpatrick, and Hilary A. Schneider – will be considered for election at the 2025 Annual Meeting.