By Josh Beckerman
Stadium Capital, which has criticized Sleep Number's performance and its chief-executive-search process, is nominating four people to the company's board, including former chairman and interim CEO Patrick A. Hopf.
The other nominees are Jeffrey T. Jackson, Jessica M. Prager and Kevin Baker.
Stadium, which has a Sleep Number stake of about 11.7%, had a one-year cooperation agreement with the company that recently expired. The firm has complained that Sleep Number has had lower shareholder returns than Tempur Sealy International and said a reconstituted board would be better positioned to select a new CEO.
Last week, Sleep Number said it engaged extensively with Stadium and said it was "surprised when Stadium made the highly unusual demand that it be granted direct participation in the CEO succession process." The company said it has a "best-in-class CEO succession process."
Sleep Number shares rose Nov. 25 after Stadium called for board changes. Shares were recently up 4.2%, to $15.63, Monday.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 02, 2024 16:00 ET (21:00 GMT)
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