Sleep Number appoints Bob Ryder as interim CFO as Francis Lee steps down

MINNEAPOLIS - Sleep Number Corporation (NASDAQ:SNBR) announced that Bob Ryder has been appointed interim Chief Financial Officer effective July 21, 2025, replacing Francis Lee who has stepped down from the position. The appointment comes at a crucial time for the company, which InvestingPro data shows is operating with a significant debt burden of $934.83 million and a concerning current ratio of 0.19.

Lee will remain with the company as an advisor until August 15, 2025, to ensure a smooth transition while Sleep Number conducts a search for a permanent CFO. The company stated that the leadership change is not related to any matters concerning the company’s financials, operations, policies or practices. Despite current challenges, InvestingPro analysis indicates the company maintains impressive gross profit margins of 60.25%, though revenue has declined 12.36% over the last twelve months.

Ryder brings over 30 years of finance leadership experience to the role. Since 2015, he has served as a senior advisor at Boston Consulting Group and as CEO of Horsepower Advisors, LLC. His previous experience includes serving as interim CFO for Resideo Technologies from 2019 to 2020, and as CFO for Constellation Brands from 2007 to 2015.

In his new role at Sleep Number, Ryder will oversee the finance function with emphasis on the company’s debt structure.

"Bob’s deep experience in both interim and permanent CFO roles will be invaluable to us as we continue our debt discussions, while also maintaining focus on topline initiatives and reducing our cost base," said Linda Findley, President and CEO of Sleep Number, in a press release statement.

The company also noted it is on track to exceed cost reduction goals announced during its first quarter earnings call, which it claims will position Sleep Number to remain in compliance with debt covenants despite ongoing revenue challenges.

Sleep Number will report its second quarter 2025 earnings on July 30, 2025.

In other recent news, Sleep Number Corp reported underwhelming financial results for the first quarter of 2025, with both earnings per share (EPS) and revenue failing to meet analysts’ predictions. The company recorded an EPS of -$0.38, which was a significant miss compared to the expected $0.36. Additionally, revenue fell short, coming in at $393 million against the anticipated $461.1 million. These developments mark a notable shortfall in Sleep Number’s financial performance. Investors and analysts were likely surprised by these results, which could influence future assessments of the company’s financial health. This recent news highlights the importance of closely monitoring Sleep Number’s upcoming financial reports and any strategic adjustments the company may undertake.

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