Blue Clay Capital Issues Statement Regarding Sleep Number Corporation
October 30 2023 - 7:45AM
PR Newswire (US)
MINNEAPOLIS, Oct. 30,
2023 /PRNewswire/ -- Blue Clay Capital CO III,
Long-Term Shareholders of Sleep Number Corporation (NASDAQ:
SNBR), Sent Letter To Sleep Number Board Urging Them To
Immediately Elect Three Stadium Capital Board
Representatives.
- We are long-term shareholders who through our combined
interests currently own over 1% of Sleep Number and sought
shareholder board representation in 2015. We were rebuffed by
the board and management.
- Since we withdrew our proxy on May
15, 2015, Sleep Number has declined 46% vs. a 161% gain for
Tempur-Pedic and 125% gain for the S&P 500
- This significant and unacceptable absolute and relative
performance is due to extremely poor management decisions and
execution, ineffective strategic decisions and a lack of
accountability in management and governance.
- We share Stadium's concerns communicated in their press
release about misallocation of capital and resources,
ineffective strategy, untimely stock repurchases, excessive
executive compensation and other issues that have led to weak
operating margins and a poor capital structure, resulting in Sleep
Number's long-term share price underperformance
- Shareholder representation is urgently needed on the board
to solve the myriad of problems facing the company.
Shareholder board representation to improve strategy, expenses, and
compensation plan design would unlock significant shareholder
value.
- We urge Sleep Number to immediately elect three Stadium
Capital nominees to the board.
- We are concerned with the board's unacceptable response to
Stadium. Any further delay addressing the serious concerns
raised by shareholders will only continue the long-term pain
shareholders have endured. Immediate action is
needed.
- We have communicated our detailed concerns to the board in a
letter that can be accessed here
(https://docsend.com/view/kij2abv5aw9xz3iq) and await an
opportunity to directly confer with the board.
Investors contact:
Okapi Partners LLC
Bruce Goldfarb / Chuck Garske
(212) 297-0720
Info@okapipartners.com
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SOURCE Blue Clay Capital
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