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Sleep Number starts search for a new CFO

Sleep Number
Sleep Number operates approximately 650 stores.

Sleep Number Corp.’s finance head is leaving.

The high-tech mattress company said that executive VP and CFO 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 will be succeeded on an interim basis by Sleep Number executive VP and chief human resources officer Chris Krusmark, effective Jan. 30, until a permanent replacement is appointed. The company has retained executive search firm Korn Ferry to conduct a search for a permanent CFO.

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 VP of sales operations, field services and training in 2015. In 2020, he was promoted to his current position.

Departing CFO 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. Sleep Number noted that his departure is not the result of disagreements with the company on any subject, including its operations, policies, or practices.

“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, Sleep Number estimates 2022 net sales of $2.037 billion, below analysts’ estimates of $2.04 billion, and earnings per share of $1.60, below estimates of $1.71 per share. The company is scheduled to release actual results on Feb. 22.

Based in Minneapolis, Minn., Sleep Number operates approximately 650 stores nationwide.

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