Stadium Capital Reaches Agreement with Sleep Number to Reconstitute Board

The Minnesota Star Tribune and other media sources reported on the agreement reached between Olshan client Stadium Capital and Sleep Number Corporation. As part of the agreement, five of Sleep Number’s long-tenured directors, including its current CEO and Chair, will be departing the Board. In addition, Hilary A. Schneider, one of two directors who joined the Board as part of a prior agreement between Stadium Capital and Sleep Number, will become Chair of the Management Development and Compensation Committee. Vice Chair of Olshan’s Shareholder Activism Practice Group Ryan Nebel, Ian Engoron and Ryan Busch represented Stadium Capital in connection with its investment in Sleep Number.