Sleep Number starts search for a new CFO
There's been another change in the C-suite at Sleep Number.
The bedding and sleep wellness brand said that finance chief Francis Lee has stepped down, but will remain with the company as an advisor to help ensure a smooth transition through Aug. 15. Bob Ryder has been appointed interim CFO, effective July 21.
Ryder brings more than 30 years of experience with public and private companies in finance leadership positions to the role. Since 2015, he has been a senior advisor at the Boston Consulting Group and the CEO of Horsepower Advisors, a management consulting firm that advises large businesses on improving financial algorithms and organization structures, cost reduction and business portfolio optimization.
The shakeup is the third leadership change at Sleep Number in three months. Linda Findley took the reins of the company in April, and in May, Amber Minson stepped into the chief marketing officer role.
Sleep Number, which is conducting a search for a permanent CFO, said the leadership change is not the result of any matters relating to the company’s financials, operations, policies or practices.
“Sleep Number has entered a new era,” said Findley. “We are working diligently to return to growth in a cost-efficient manner while staying within our debt covenants. During Francis’ tenure, we strengthened the company’s durable operating model and meaningfully reduced costs. I want to thank Francis for his contributions to Sleep Number over the past two years. “
Ryder is not new to the CFO position. From 2019 to 2020, he served as interim CFO for Resideo Technologies, a publicly traded spin-off of Honeywell International. From 2007 to 2015, he served as the CFO for Constellation Brands, a global beverage and alcohol company. Ryder was also CFO at IMG and American Greetings Corporation, and previously held seven advancing management positions over 13 years at PepsiCo.
“Bob’s deep experience in both interim and permanent CFO roles will be invaluable to us as we continue our debt discussions, while also maintaining focus on topline initiatives and reducing our cost base,” said Findley. “As we will discuss in the 2025 second quarter earnings call, we are on track to exceed our cost reduction goals announced during our first quarter earnings call, positioning the company to remain in compliance with debt covenants even in the face of continued topline challenges.”
