Sleep Number Elects New Directors, Adjusts Board

Ticker: SNBR · Form: 8-K · Filed: 2024-03-15T00:00:00.000Z

Sentiment: neutral

Topics: board-of-directors, management-change

Related Tickers: SNBR

TL;DR

Sleep Number swapped out 2 board members, effective March 12th.

AI Summary

Sleep Number Corp. announced on March 12, 2024, the election of two new Class II directors, Robert J. Goergen and W. Bruce L. Smith, to its Board of Directors, effective immediately. This change follows the departure of two Class II directors, effective March 11, 2024. The company also disclosed compensatory arrangements for certain officers.

Why It Matters

Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future decision-making.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board changes and does not indicate significant financial distress or operational issues.

Key Players & Entities

FAQ

Who were the newly elected directors for Sleep Number Corp.?

Robert J. Goergen and W. Bruce L. Smith were elected as new Class II directors.

When were the new directors' elections effective?

The election of the new directors was effective immediately as of March 12, 2024.

Who departed from the Sleep Number Corp. Board of Directors?

Two Class II directors departed from the Board of Directors, effective March 11, 2024.

What other information is disclosed in this 8-K filing?

The filing also discloses compensatory arrangements for certain officers.

What is the state of incorporation for Sleep Number Corp.?

Sleep Number Corp. is incorporated in Minnesota.

Filing Stats: 489 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-03-15 16:00:29

Key Financial Figures

Filing Documents

From the Filing

snbr-20240312 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 12, 2024 SLEEP NUMBER CORP ORATION (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation) 000-25121 41-1597886 (Commission File Number) (IRS Employer Identification No.) 1001 Third Avenue South , Minneapolis , MN 55404 (Address of principal executive offices) (Zip Code) ( 763 ) 551-7000 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share SNBR Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ITEM. 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. On March 12, 2024, Daniel I. Alegre informed the Company that he will not stand for re-election to the Board of Directors of the Company (the "Board") when his term expires at the conclusion of the 2024 Annual Meeting of Shareholders. The Company thanks Mr. Alegre for his service and dedication during his tenure as a member of the Board. Mr. Alegre's decision is solely his professional decision and was not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices. On March 13, 2024, the Board resolved that, effective immediately following the 2024 Annual Meeting of Shareholders, the number of directors that constitutes the entire Board shall be eleven (11). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SLEEP NUMBER CORPORATION (Registrant) Dated: March 15, 2024 By: /s/ Samuel R. Hellfeld Name: Samuel R. Hellfeld Title: Executive Vice President and Chief Legal and Risk Officer

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