ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 27, 2023, Sleep Number Corporation (the "Company") issued a press
release that, among other things, discloses that the Company estimates, based on
its preliminary results, full year 2022 net sales of $2,037 million and earnings
per diluted share of $1.60. The press release also announces the details for
accessing the Company's fiscal fourth quarter and full year 2022 earnings
conference call, scheduled for February 22, 2023 at 5:00 p.m. EST. The full text
of the press release is furnished as Exhibit 99.1 hereto and incorporated herein
by reference.
These preliminary financial results are based on the Company's current estimate
of its results for the year ended December 31, 2022, and remain subject to
change based on the completion of closing and audit procedures.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
On January 24, 2023, the Company appointed Chris Krusmark as the interim Chief
Financial Officer (CFO) of the Company to succeed David Callen, who will be
stepping down as CFO, in each case effective as of January 30, 2023. The Company
has engaged Korn Ferry, a leading executive search firm, and is conducting a
search process to fill the CFO role on a permanent basis.
Krusmark, 43, is currently serving as the Company's Executive Vice President and
Chief Human Resources Officer, a role he has held since July 2020. Previously,
Krusmark served as the Company's Vice President of Sales Operations, Field
Services and Training. Krusmark started with the Company in 2005 and held
several financial leadership roles supporting operations, sales, real estate,
marketing, and product innovation. Prior to joining Sleep Number, Krusmark
served in the assurance and advisory practices as a Certified Public Accountant
with EY and Arthur Andersen.
Callen will continue to serve in an advisory role to the Company through March
3, 2023, supporting the transition and the Company's reporting of its fiscal
year 2022 financial results. While serving in this role, Callen will continue to
receive his current base salary and be eligible to vest in his outstanding
Company equity awards. At the conclusion of this service, Callen will be
eligible to receive the non-change in control severance payments and benefits
provided under the Company's Executive Severance Pay Plan. Callen's departure is
not the result of any disagreement with the Company on any subject, including
its operations, policies or practices.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No. Description of Exhibit
99.1 Press Release dated January 27, 2023 (furnished herewith)
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document)
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