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Investing.com -- Sleep Number Corp (NASDAQ:SNBR) stock tumbled 8.4% following the announcement of a CFO leadership change, with Francis Lee stepping down from the position.
The company announced that Bob Ryder has been appointed as interim Chief Financial Officer effective July 21, 2025, while Lee will remain with the company as an advisor through August 15, 2025 to ensure a smooth transition. Sleep Number emphasized that the CFO change is not related to any matters concerning the company’s financials, operations, policies, or practices.
Sleep Number is currently conducting a search for a permanent CFO replacement. The announcement comes as the company faces challenges with its debt structure and topline performance. President and CEO Linda Findley noted that during Lee’s two-year tenure, the company "strengthened the company’s durable operating model and meaningfully reduced costs."
Ryder, who has over 30 years of finance leadership experience, will oversee the Finance function with a focus on the debt structure. His background includes interim and permanent CFO roles at companies including Resideo Technologies (NYSE:REZI), Constellation Brands (NYSE:STZ), IMG, and American Greetings Corporation.
According to Findley, the company is on track to exceed its cost reduction goals announced during its first quarter earnings call, which should help Sleep Number remain in compliance with debt covenants despite continued topline challenges. The company is also working on "significant changes to the business with new products, marketing, partnerships and distribution for 2026 and beyond."
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