Bob Ryder
Interim Chief Financial Officer at SNBR
Executive
About Bob Ryder
Bob Ryder, 65, was appointed Interim Chief Financial Officer of Sleep Number effective July 21, 2025; he serves as a non‑employee independent contractor through his firm Horsepower Advisors LLC, is deemed an executive officer under the Exchange Act during the term, and reports to the CEO . He is a CPA with a bachelor’s degree in Accounting and Finance from the University of Scranton and began his career at Price Waterhouse . Prior roles include CFO of Constellation Brands (2007–2015), interim CFO of Resideo Technologies (2019–2020), CFO roles at IMG and American Greetings, and 13 years at PepsiCo; he has also advised BCG and led Horsepower Advisors since 2015 . Management characterized his background as “extensive experience in public company turnarounds” and a “consistent track record of driving significant total shareholder returns,” and positioned him to focus on debt structure amid cost reductions and covenant compliance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Constellation Brands | Chief Financial Officer | 2007–2015 | Global beverage/alcohol CFO experience; company notes a track record of driving TSR |
| Resideo Technologies | Interim Chief Financial Officer | 2019–2020 | Interim CFO for Honeywell spin‑off; turnaround/transition expertise |
| IMG | Chief Financial Officer | Not disclosed | CFO of sports/media company; diversified finance leadership breadth |
| American Greetings | Chief Financial Officer | Not disclosed | CFO of global social expression company; portfolio optimization background |
| PepsiCo | Finance leadership (7 advancing roles) | 13 years | Scaled consumer finance and operations discipline |
| Sierra Lake Acquisition Corp. (SPAC) | CFO | 2021–2022 | CFO of SPAC/turnaround specialist firm through liquidation phase |
| Horsepower Advisors LLC | CEO (consultant) | 2015–present | Provides CFO‑level turnaround, cost reduction, portfolio optimization |
| Boston Consulting Group | Senior Advisor | 2015–present | Advises large businesses on financial algorithms and organization structures |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Liquid Death | Independent Outside Director | 2022–present | Privately held beverage company directorship |
| CM Finance Inc. | Director | 2013–2019 | Public BDC board experience |
| Sleep Number | Conference participation | Dec 2025 | Scheduled investor conferences with CEO (Raymond James; KeyBank) |
Fixed Compensation
| Element | Terms | Source |
|---|---|---|
| Weekly fee | $58,750 per week (prorated for partial weeks) | 8‑K Interim CFO Agreement |
| Term length | Six‑month term beginning July 18/21, 2025; extendable; 30‑day termination notice by either party | 8‑K Interim CFO Agreement |
| Expenses | Reimbursement of reasonable, authorized travel (incl. to Minneapolis HQ) per policy | 8‑K Interim CFO Agreement |
| Status | Non‑employee independent contractor; not eligible for Company employee benefits or Executive Severance Pay Plan | 8‑K Interim CFO Agreement/Item 5.02 |
| Executive designation | Deemed an executive officer under the Exchange Act during the term | 8‑K Interim CFO Agreement |
| D&O insurance | Covered under Company director & officer liability insurance for services under the Agreement | 8‑K Interim CFO Agreement |
| Governing law | Pennsylvania; PA courts have exclusive jurisdiction | 8‑K Interim CFO Agreement |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Bonus/AIP | Not disclosed | — | — | — | — |
| Equity awards | Not disclosed | — | — | — | — |
| Notes | Appointment filings disclose only weekly fee and expense reimbursement; no bonus/equity awards for Ryder | — | — | — | — |
Equity Ownership & Alignment
| Item | Status | Source |
|---|---|---|
| SNBR beneficial ownership | Not disclosed in appointment materials | |
| SNBR equity grants | None disclosed in appointment materials | |
| Hedging/shorts/options trading | Prohibited for executive officers under Company policy | |
| Pledging/margin | Prohibited for executive officers under Company policy | |
| Stock ownership guidelines | Company maintains guidelines for executive officers (e.g., 3x base salary for NEOs; 5x for CEO; 50% post‑vest holding until compliant) | |
| Compliance status | Not disclosed for Ryder; interim, non‑employee role |
Employment Terms
| Provision | Detail | Source |
|---|---|---|
| Appointment effective | July 21, 2025; succeeds Francis Lee (who remains advisor through Aug 15, 2025) | |
| Reporting line | Reports to the CEO; performs full CFO duties/powers | |
| Termination for convenience | Either party may terminate with 30 days’ written notice | |
| Termination for cause | Immediate termination for defined “Cause” events (breach, dishonesty, felony, etc.) | |
| Confidentiality/IP | Strict confidentiality; deliverables are Company’s “work made for hire”; assignment of IP; moral rights waiver | |
| Indemnification | Mutual indemnities (Company/Consultant) within defined scope | |
| Non‑compete | 1‑year post‑termination non‑compete across U.S. and relevant countries | |
| Non‑solicit | 1‑year post‑termination non‑solicit of employees/contractors | |
| Severance/change‑of‑control | Not eligible for Executive Severance Pay Plan as an independent contractor; no change‑of‑control terms disclosed |
Performance & Track Record
- Management emphasis: Ryder was introduced on the Q2’25 call as Interim CFO with “extensive experience in public company turnarounds”; the company highlighted exceeding its cost‑reduction plan (> $130M annualized Opex savings expected in 2025 vs. 2024) and focus on optimizing debt structure while maintaining covenant compliance .
- Background positioning: Press release underscores his consistent TSR track record and immediate mandate to oversee Finance with focus on the debt structure and long‑term success setup amid broader product/marketing/distribution changes for 2026+ .
Investment Implications
- Alignment and incentives: Interim contractor structure (weekly cash fee; no disclosed equity awards) limits direct equity alignment and may reduce insider selling pressure; hedging/pledging prohibitions and stock ownership guidelines remain in effect for executive officers .
- Retention risk and transition timing: Six‑month term with 30‑day exit and an active search for a permanent CFO suggest elevated transition risk; however, the company stated the change was not due to any matters relating to financials, operations, policies or practices .
- Execution focus: Mandate centers on debt structure, covenant compliance, and cost discipline; near‑term signals include progress on refinancing, cost reduction realization, and Q3/Q4 updates to Opex and liquidity trajectories discussed in earnings calls and 8‑Ks .
- Monitoring: Watch for any subsequent compensation updates, potential equity grants if the role extends or converts to permanent, and Section 16 filings (if holdings arise) as indicators of increasing alignment or selling pressure .