Business
Purple Announces Retirement of Co-Founders Terry and Tony Pearce and the Appointment of Paul Zepf as a Director
LEHI, Utah, Aug. 19, 2020 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), the leader in comfort innovation and the creator of the renowned
About this update from Purple Innovation, Inc.
[{"type":"text","content":"LEHI, Utah, Aug. 19, 2020 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) (\"Purple\"), the leader in comfort innovation and the creator of the renowned Purple® Mattress, today announced that Co-Founders Terry and Tony Pearce have chosen to retire from their positions as Co-Directors of Research & Development and Board Directors, effective August 17, 2020. \n\n \n \n \n \n \n \n\n \nTerry and Tony Pearce, brothers who have worked together for 31 years, founded Purple Innovation, LLC (\"Purple LLC\"), a subsidiary now owned and controlled by Purple, and served as managers of Purple LLC since its inception in 2010 up to the February 2, 2018 business combination at which time Purple LLC was acquired in a reverse merger. Together they served as Directors of Research & Development since 2016 and following the business combination they have served on the Board of Directors of Purple. Mr. Terry Pearce also served as Chairman of the Board and on the HR & Compensation Committee of the Board. Prior to founding Purple LLC, Messrs. Pearce managed various technology companies focused on developing advanced cushioning technology. \nTerry Pearce commented, \"Founding and being part of such a dynamic Company has been incredibly rewarding for Tony and me. I am very proud of the entire Purple team that took business ideas we launched in 2015 with the help of a Kickstarter campaign and quickly grew Purple into a market leader with such tremendous long-term potential. While we have made the decision that it is time for us to retire, we feel Purple is poised for continued success and will closely monitor its progress and root for Joe and the team.\" \nJoe Megibow, CEO of Purple, said, \"Terry and Tony have been at the forefront of comfort technology for more than 30 years. Their work has led to the development of numerous cushioning products that have provided relief to countless individuals worldwide. Since co-founding Purple, they have helped build a foundation rooted in innovation and manufacturing that has positioned the Company to transform the mattress industry into a wellness platform centered on sleep and comfort. On behalf of the entire Purple organization, I want to thank Terry and Tony for their contributions to our recent success and bright outlook. All of us at Purple wish them both the very best in their long-anticipated retirem...