Sleep Number rejects Stadium Capital's demand to join CEO successor committee

Sleep Number Corp

Board added two directors recommended by Stadium last November; has engaged extensively over past year.
On Oct 30, announced CEO transition and board declassification, consistent with most Stadium suggestions.
Stadium demanded direct participation in CEO succession process; Sleep Number declined, citing robust ongoing search with Korn Ferry.
Stadium withdrew from a scheduled meeting with the Committee and Korn Ferry less than 24 hours before.
Board invited top 20 shareholders to share views on CEO succession; remains open to input.

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