By Connor Hart
Sleep Number named Linda Findley as its next president and chief executive, effective April 7.
Findley, 52 years old, most recently served as Blue Apron's top executive. In that role, she spearheaded a turnaround strategy that resulted in the company's sale, the mattress maker said Wednesday.
Prior, she served as chief operating officer at Etsy and held a variety of roles at Evernote and Alibaba.com.
As Sleep Number's CEO, Findley will receive an annual base salary of $1.2 million, in addition to participation in the company's annual inventive plan and other bonus programs, according to a filing with the Securities and Exchange Commission.
Findley succeeds Shelly Ibach, who announced her retirement in October.
Ibach will continue to serve as board chair until the expiration of her term at the 2025 annual meeting, at which point Phillip Eyler will assume the role.
Sleep Number's leadership changes came as the company logged lower revenue in the fourth quarter, dragged down by what Ibach called an extremely challenging marketplace.
The company narrowed its loss to $4.67 million, or 21 cents a share, from a loss of $25.2 million, or $1.12 a share, in the year-earlier quarter. Analysts surveyed by FactSet expected a per-share loss of 23 cents.
Revenue fell 12% to $376.8 million, missing the $389.7 million that analysts modeled.
Sleep Number said it would issue 2025 outlook at a later date.
Shares fell 11%, to $11.45, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 05, 2025 17:25 ET (22:25 GMT)
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