By Connor Hart
Sleep Number entered an agreement with its largest shareholder, Stadium Capital Management, which will see five of the mattress purveyor's board members retire.
The Minneapolis-based company on Thursday said that Barbara Matas has agreed not to stand for reelection to the board at its 2025 annual meeting.
Additionally, Brenda Lauderback and Stephen Gulis, Jr. have agreed to accelerate their previously announced retirements. Lauderback will retire before the end of the year, and Gulis will retire effective of completion of the company's debt refinancing, or the company's 2026 annual shareholder meeting, whichever occurs earlier, the company said.
These retirements are in addition to Michael Harrison and Shelly Ibach, who previously agreed not to stand for reelection to the board at the company's 2025 annual meeting of shareholders.
The agreement also calls for Stadium Capital to withdraw the director nominations it had previously submitted to the company and instead vote all of its shares in favor of Sleep Number's nominees at the 2025 annual meeting.
"We appreciate the board working constructively with us to reach an agreement that facilitates our mutual goal of significant board refreshment and renewal," Stadium Capital Co-Founder and Managing Partner Alexander Seaver said. "Sleep Number's board and leadership team are taking difficult, but necessary, steps to position the company for success."
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 13, 2025 17:57 ET (21:57 GMT)
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