secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2025-03-13T23:59:59+00:00
Accession:  0000827187-25-000021
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sleep Number settles with Stadium Capital; five directors to leave board
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- Stadium Capital, largest shareholder, withdraws director nominations under agreement.
- Michael Harrison, Shelly Ibach, Barbara Matas not standing at 2025 meeting; Lauderback retires Dec 31, 2025; Gulis retires by debt refinancing or 2026 meeting.
- Board to reduce from 10 to 7 directors over time; Hilary Schneider appointed Compensation Committee Chair.
- Stadium Capital agrees to vote for company nominees at 2025 annual meeting; company reimburses up to $500k expenses.
- Action follows prior CEO succession; incoming CEO Linda Findley and Chair Phillip Eyler highlighted.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000021/0000827187-25-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000021/snbr-20250313.htm
  HTML page:      https://secwatch.observer/filing/0000827187-25-000021

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer