# EDGAR Filing Document

**Accession Number:** 0000827187
**File Stem:** 0000827187-23-000005
**Filing Date:** 2023-1
**Character Count:** 12599
**Document Hash:** 0ab560042b6b87cf189bfaa687b206ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000827187-23-000005.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000827187-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230124

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sleep Number Corp
- **CENTRAL INDEX KEY:** 0000827187
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOUSEHOLD FURNITURE [2510]
- **IRS NUMBER:** 411597886
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25121
- **FILM NUMBER:** 23559819

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 THIRD AVENUE SOUTH
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55404
- **BUSINESS PHONE:** 7635517000

**MAIL ADDRESS:**
- **STREET 1:** 1001 THIRD AVENUE SOUTH
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SELECT COMFORT CORP
- **DATE OF NAME CHANGE:** 19980821

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): January 24, 2023

![a1.jpg](a1.jpg)

**SLEEP NUMBER CORPORATION**

(Exact name of registrant as specified in its charter)

**Minnesota** 

(State or other jurisdiction of incorporation)

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| | |
|:---|:---|
| **000-25121** | **41-1597886** |
| (Commission File Number) | (IRS Employer Identification No.) |

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<u>1001 Third Avenue South, Minneapolis, MN 55404</u> 

(Address of principal executive offices) (Zip Code)

<u>(763) 551-7000</u> 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | SNBR | Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**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<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

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| | |
|:---|:---|
| **ITEM 9.01** | **FINANCIAL STATEMENTS AND EXHIBITS.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Exhibits.*

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| 99.1 | <u>[Press Release dated January 27, 2023](ex991012723.htm)</u> (furnished herewith) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **SLEEP NUMBER CORPORATION** | **SLEEP NUMBER CORPORATION** |
| | (Registrant) | (Registrant) |
| Dated: January 27, 2023 | By:&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Samuel R. Hellfeld |
|  | Name: | Samuel R. Hellfeld |
|  | Title: | Executive Vice President and Chief Legal and Risk Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image.jpg](image.jpg)

**Sleep Number Announces Leadership Transition**

*Executive Vice President and Chief Financial Officer David Callen Stepping Down*

*Company Provides Preliminary Full Year 2022 Net Sales and Earnings Per Diluted Share Ahead of Earnings Call Scheduled for February 22nd*

**MINNEAPOLIS — January 27, 2023** - **Sleep Number Corporation** (Nasdaq: SNBR) today announced that Executive Vice President and Chief Financial Officer David Callen is stepping down from his position to pursue other opportunities, effective January 30. He will continue to serve in a financial advisory role through March 3, as the company executes a smooth transition through the report of its 2022 financial results.

Callen has been a part of the Sleep Number executive leadership team since April 2014, overseeing the company's financial performance during its transition from mattress retailer to wellness technology leader. His departure is not the result of disagreements with the company on any subject, including its operations, policies, or practices.

Sleep Number Executive Vice President and Chief Human Resources Officer, Chris Krusmark, will assume the role of interim Chief Financial Officer, effective January 30, until a permanent replacement is appointed. He will work closely with the company's experienced financial leadership team, including Dave Schwantes, Vice President of Finance - Investor Relations and FP&A. Krusmark started with Sleep Number in 2005 and held several financial leadership roles supporting operations, sales, real estate, marketing, and product innovation. He then transitioned to Vice President of Sales Operations, Field Services and Training in 2015. In 2020, he was promoted to Senior Vice President and Chief Human Resources Officer. Prior to joining Sleep Number, Krusmark served in the assurance and advisory practices as a Certified Public Accountant with EY and Arthur Andersen. Sleep Number has retained Korn Ferry, a leading executive search firm, to conduct a search for a permanent CFO.

"On behalf of the Board and our team, I'd like to thank David for his many contributions to Sleep Number," said Shelly Ibach, Chair, President and CEO, Sleep Number. "He 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."

Based on preliminary financial results, the company estimates FY2022 net sales of $2,037 million and earnings per diluted share of $1.60. These 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.

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**Exhibit 99.1**

Sleep Number will release its FY2022 financial results after market close on Wednesday, February 22, 2023. Management will host its regularly scheduled conference call to discuss the company's results at 5 p.m. EST (4 p.m. CST; 2 p.m. PST). To access the webcast, please visit the investor relations area of the Sleep Number website at https://ir.sleepnumber.com. The webcast replay will remain available for approximately 60 days.

\# \# \#

**About Sleep Number Corporation**

Sleep Number is a leader in sleep and wellness technology. Our 360<sup>®</sup> smart bed platform connects the physical and digital worlds, creating an immersive, adaptive, and individualized sleep health experience. Quality sleep is vital for physical, mental, and emotional wellbeing; our smart beds deliver exceptional sleep by automatically sensing and effortlessly adjusting to the needs of each sleeper. Through partnerships with the world's leading health and research institutions, we are advancing sleep science with our 18 billion hours of highly accurate, longitudinal sleep data from millions of sleepers in our Smart Sleeper<sup>(SM)</sup> community.

Sleep Number is a company with purpose, with over 5,000 mission-driven team members who are dedicated to improving the health and wellbeing of society through higher quality sleep. We have improved more than 14 million lives and are committed to lifelong relationships with our smart sleepers.

For life-changing sleep, visit SleepNumber.com or one of our almost 675 Sleep Number<sup>®</sup> stores. More information is available on our newsroom and investor relations sites.

**Forward-looking Statements** 

Statements used in this news release relating to future plans, events or performance, such as statements about future leadership transitions and the company's expectations for full-year 2022 diluted EPS and net sales, are forward-looking statements subject to certain risks and uncertainties. Additional information concerning these, and other risks and uncertainties, is contained in the company's filings with the Securities and Exchange Commission (SEC), including the Annual Report on Form 10-K, and other periodic reports filed with the SEC. The company has no obligation to publicly update or revise any of the forward-looking statements in this news release.

**Media Contact** 

Julie Elepano

Sleep Number Public Relations

Julie.Elepano@sleepnumber.com

**Investor Contact**

Dave Schwantes

Sleep Number Investor Relations

Dave.Schwantes@sleepnumber.com

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