Stadium Capital Management, LLC, Sleep Number Corporation's largest shareholder, announced on December 2, 2024, its nomination of four highly qualified, independent candidates for election to the company’s Board of Directors at the 2025 Annual Meeting of Shareholders. This action follows Stadium Capital's public letter expressing concerns over financial underperformance and governance.
The nominated slate includes Patrick A. Hopf, former Interim CEO and Chairman of Sleep Number, Jeffrey T. Jackson, Jessica M. Prager, and Kevin Baker, a Managing Partner at Stadium Capital. These candidates bring expertise in capital allocation, product innovation, business turnarounds, and industry experience.
Stadium Capital stated that its hand was forced due to the Board's unwillingness to collaborate on adding new directors and ensuring an independent CEO search process. The activist investor believes a refreshed, unbiased Board is essential to identify the best CEO and reignite the company's growth and profitability.
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