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Sleep Number CFO David Callen Resigns

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Sleep Number CFO David Callen

Sleep Number Corp. (NASDAQ: SNBR) announced on Friday that Executive Vice President and Chief Financial Officer David Callen will resign from the Minneapolis-based mattress company on Monday to pursue other opportunities.

Sleep Number made the announcement on Friday, saying that Callen will continue to serve as a financial advisor until March 3, when Chris Krusmark, the company’s current chief human resources officer, will take over as interim CFO.

Callen’s departure, according to the company, is not the result of a disagreement on any subject, including operations, policies, or practices.

Korn Ferry has been hired by Sleep Number to conduct a permanent CFO search.

Callen has been the CFO of Sleep Number since 2014, after serving as the principal financial officer of Ethan Allen Interiors.

“[Callen] has played a significant role in strengthening our competitive advantages, progressing our capital deployment, and delivering value to stakeholders. We are grateful for his dedication and wish him well in his next endeavors,” Sleep Number CEO Shelly Ibach said in a statement.

Callen was named CFO of the Year by the Business Journal in 2019 for his role in a 150% increase in earnings per share over a five-year period. During his tenure at Sleep Number, the company has reinvented its product portfolio from a retail mattress supplier to a data-driven smart bed, all while dealing with a long period of computer chip shortages.

Krusmark joined Sleep Number in 2005 and has held several financial leadership positions supporting operations, sales, real estate, marketing, and product innovation before taking on his current role as chief human resources officer. Krusmark worked as a certified public accountant for EY and Arthur Andersen before joining Sleep Number.

Sleep Number also said on Tuesday that its fiscal 2022 net sales would be $2.037 billion, but that figure was later revised to $2.114 billion. The company expects earnings per share of $1.60, which is lower than Wall Street expectations of $2.11 billion and earnings per share of $1.71.

The company’s official 2022 financial results will be released after the market closes on Wednesday, Feb. 22.

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