Business
Sleep Number Issues Statement Regarding Shareholder Letter
MINNEAPOLIS--(BUSINESS WIRE)-- Sleep Number Corporation (“Sleep Number” or the “Company”) (Nasdaq: SNBR), a wellness technology leader, today issued the
About this update from Sleep Number Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nSleep Number Corporation (“Sleep Number” or the “Company”) (Nasdaq: SNBR), a wellness technology leader, today issued the following statement regarding the press release from Stadium Capital Management, LLC (“Stadium Capital”), one of the Company’s shareholders:\n\n\nThe Sleep Number Board and management team are committed to acting in the best interests of the Company and all of its shareholders. They maintain regular communication with the Company’s shareholders and welcome all constructive input that furthers the goal of enhancing shareholder value.\n\n\nTo this end, members of the Sleep Number Board and management team have engaged in regular discussions with Stadium Capital to better understand its views with respect to the Company, and they intend to continue that dialogue. The Company’s Independent Lead Director has also met with Stadium Capital several times separately from management. The Board has moved expeditiously to put together a proposal that demonstrates that Sleep Number has listened closely to Stadium Capital and offered an opportunity for Stadium Capital to participate in the selection of a new independent director.\n\n\nSleep Number is confident in the Company’s strategy and remains intensely focused on continuing to strengthen its brand, culture and distinct competitive advantages to drive meaningful value for shareholders, while managing ongoing macro-environment challenges.\n\n\nThe Sleep Number Board is comprised of ten highly qualified directors, nine of whom are independent and three of whom have joined the Board in the last four years. Together our directors have the skills, diversity and expertise to oversee the execution of the Company’s strategy.\n\n\nAbout Sleep Number\n\n\nSleep Number is a wellness technology company. We are guided by our purpose to improve the health and wellbeing of society through higher quality sleep; to date, our innovations have improved over 14.5 million lives. Our wellness technology platform helps solve sleep problems, whether it’s providing individualized temperature control for each sleeper through our Climate360® smart bed or applying our 22 billion hours of longitudinal sleep data and expertise to research with global institutions.\n\n\nOur smart bed ecosystem drives best-in-class engagement through dynamic, adjustable, and effortles...