Angel Mendez
Director at SNBR
Board
About Angel Mendez
Angel L. Mendez (age 64) is an independent director of Sleep Number Corporation, serving since 2022. He chairs the Corporate Governance & Nominating Committee and sits on the Audit Committee, bringing decades of supply chain, operations and transformation expertise from roles at Cisco, HERE Technologies, and LevaData. He also serves on public company boards Peloton Interactive and Kinaxis, with formal governance responsibilities at Kinaxis. Attendance thresholds were met in 2024 (≥75% of meetings), and the board affirms independence for all directors other than the CEO.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LevaData, Inc. | Executive Chairman | 2020–Present | AI-enabled supply chain leadership; board chair responsibilities. |
| HERE Technologies | Executive Vice President & Chief Operating Officer | 2016–2020 | Led core business, global operations, product management, corporate transformation. |
| Cisco Systems | Senior Executive (SVP; transformation, global supply chain) | 2005–2015 | Led enterprise transformation program; managed demand, sourcing, manufacturing, logistics, customer support. |
| Palm, Inc.; Gateway, Inc.; Citigroup; Allied Signal Aerospace; GE | Senior operations, supply chain, procurement roles | Prior to 2005 | Progressive leadership in operations and procurement; GE Manufacturing Management Program. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sleep Number Corporation | Director | 2022–Present | CGNC Chair; Audit Committee member. |
| Peloton Interactive, Inc. | Director | 2022–Present | Board member; appointed Feb 2022 (Class I director). |
| Kinaxis Inc. | Director; Independent Lead Director (since Sep 17, 2024) | 2016–Present | Compensation Committee member; Nominating & Governance Committee member; independent leadership. |
Board Governance
- Committee assignments: Chair, Corporate Governance & Nominating (CGNC); Member, Audit Committee; not listed on Compensation or Capital Allocation committees.
- Independence: Board determined all directors and committee members serving during 2024 were independent, except the CEO.
- Attendance and engagement: Full Board met 6 times in 2024; Audit met 8, Compensation 13, CGNC 4; all directors met ≥75% attendance; directors are expected to attend annual meeting. Angel Mendez participated in targeted shareholder engagement as CGNC chair ahead of the 2025 AGM.
- Board leadership and refresh: Independent Chair (effective upon the 2025 AGM conclusion); declassification and elimination of supermajority provisions proposed to shareholders in 2025.
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual cash retainer | $95,000 (policy) | $95,000 (policy) |
| Committee chair fee | $20,000 (policy) | $20,000 (policy) |
| Meeting fees (beyond baseline) | Board: $1,000 in-person/$500 virtual; Committee: $750 in-person/$500 virtual (policy) | Board: $1,000 in-person/$500 virtual; Committee: $750 in-person/$500 virtual (policy) |
| Angel Mendez – Fees earned (cash) | $99,467 | $115,000 |
| Director award cap | ≤$500,000 total annual value for non-employee directors (cash + equity); exceptions for non-executive Chair possible. | ≤$500,000 total annual value for non-employee directors (cash + equity). |
Performance Compensation
- Structure: Non-employee director equity grants are time-based RSUs, vesting on the earlier of one year from grant or the next annual director election meeting; no performance metrics are applied to director RSUs.
- Year-over-year mix: In 2024, options were eliminated for directors (share conservation); 100% RSUs at grant value $135,000. In 2023, directors received both RSUs and stock options.
| Grant Detail | 2023 | 2024 |
|---|---|---|
| RSU grant (shares) | 4,195 (most directors; Peloton era new directors had 4,272) | 5,457 (based on 2023 avg share price $24.74) |
| Options granted | $29,027 grant-date fair value; options outstanding for Angel Mendez (aggregate) shown in 2023 table | None granted (policy change) |
| Angel Mendez – Stock awards value (RSUs) | $86,165 | $83,656 |
Insider-trade confirmations (Form 4):
| Transaction Date | Type | Shares Granted | Post-Transaction Ownership | SEC Link |
|---|---|---|---|---|
| 2024-05-21 | Award (RSUs) | 5,457 | 12,672 | |
| 2025-05-28 | Award (RSUs) | 9,776 | 22,448 |
Other Directorships & Interlocks
| Company | Sector | Role | Notes / Potential Interlock |
|---|---|---|---|
| Peloton Interactive, Inc. | Consumer fitness equipment/subscription | Director | No related-party transactions disclosed by SNBR in 2024; board guidelines limit directors to ≤4 public boards; Mendez is within limits. |
| Kinaxis Inc. | Supply chain planning software | Director; Independent Lead Director; Comp & Nominating/Gov committees | Governance roles; possible industry adjacency (supply chain tech) but SNBR reported no related-party transactions in 2024. |
| LevaData, Inc. (private) | AI supply chain | Executive Chairman | Private company; SNBR policy requires CGNC review of any related-party transactions; none reported in 2024. |
Expertise & Qualifications
- Digital supply chain leadership and enterprise transformation; drove Cisco’s corporate transformation and global supply chain operations.
- Led operational turnarounds and large-scale process innovation across HERE, Palm, Gateway, and GE/AlliedSignal/Citigroup.
- Active governance leadership as CGNC Chair at SNBR and independent leadership at Kinaxis; risk management and technology oversight through Audit membership.
Equity Ownership
| Category | Amount |
|---|---|
| Total beneficial ownership | 11,500 shares (<1% of outstanding) |
| Options exercisable within 60 days | 4,285 shares (included in beneficial ownership) |
| Deferred RSUs held | 7,215 shares (included in beneficial ownership) |
| Ownership guideline (directors) | 5× annual cash retainer; directors restricted from selling until guideline met; hedging and pledging prohibited. |
| Average non-employee director ownership multiple (as of 12/27/2024) | 6.4× cash retainer (average exceeds guideline) |
No shares pledged as collateral and hedging is prohibited for insiders (including directors), reducing alignment risk.
Governance Assessment
-
Strengths
- Independence and committee leadership: CGNC Chair with active shareholder engagement; Audit member, supporting risk oversight and controls.
- Policy guardrails: Prohibition on hedging/pledging, director award caps, majority voting with resignation policy for failed elections, and pursuit of declassification and removal of supermajorities.
- Attendance and engagement: Board and committee workload in 2024 met attendance expectations (≥75%); directors required to attend annual meetings.
-
Potential watch items
- Multiple board service: SNBR guideline is ≤4 public boards; Mendez serves on three (SNBR, Peloton, Kinaxis) — within limit, but monitor time commitments given leadership roles at Kinaxis and LevaData.
- Industry adjacency: External supply chain tech roles (Kinaxis, LevaData) could intersect with SNBR’s operations; CGNC policy governs related-party transactions and none were reported for 2024.
-
Compensation signals
- Share conservation: 2024 elimination of options for directors and use of time-based RSUs aligns director equity with shareholder outcomes while limiting dilution.
- Year-over-year: Mendez’s total director compensation decreased in 2024 ($198,656 vs. $214,659 in 2023) with shift from options to RSUs — supportive of shareholder-friendly design.
RED FLAGS
- None indicated by filings: No related-party transactions, no pledging/hedging, and independent status maintained.
Appendix: Committee Membership Snapshot
| Committee | Role |
|---|---|
| Corporate Governance & Nominating (CGNC) | Chair |
| Audit | Member |