Sleep Number has named Linda Findley, credited with turning around the Blue Apron meal kit delivery company, as its new president and chief executive officer.

She will begin April 7, succeeding the retiring Shelly Ibach.

The announcement comes after pressure from activist investors.

Findley oversaw Blue Apron from 2019 to 2024, including seeing through the transition after the company was sold in November 2023 for about $103 million by the Wonder Group.

The Wonder Group was founded by Marc Lore, who has partnered with Alex Rodriquez and recently won an arbitration hearing allowing them to purchase the Minnesota Timberwolves.

Ibach has been the president and CEO of the manufacturer and seller of smart beds since 2012 and board chair since May 2022.

Ibach announced in October that she planned to retire by the company's annual meeting usually held in May.

Current board member Phillip Eyler will take over as chair of the board at the company's annual meeting.

Ibach and Sleep Number have been under pressure by activist investor group Stadium Capital over who should select the next CEO of Sleep Number.

"We are excited to welcome Linda to Sleep Number as our new CEO," Eyler said in a news release announcing her hire. "She will advance our ongoing transformation and guide the company into its next chapter."

Sleep Number made the announcement with its fourth-quarter earnings release after the markets closed on Wednesday.

For the quarter, the company lost $4.7 million, or 21 cents a share, after reporting a $25.2 million loss in the fourth quarter of 2023.

For the year, the company lost $20.3 million, or 90 cents a share, after having lost $15.3 million the year before.

The company cited ongoing weakness in the bedding market. Sales were down 12% to $377 million for the quarter and down 11% to $1.7 billion for the year.

It was the lowest level of annual sales since 2018.

Company officials cited industry statistics that show the U.S. mattress volumes at the lowest levels since 2015.

Sales were also impacted by 44 store closings during 2024 and 34 stores the year before. The company did say gross margins improved and operating costs declined.

"While the marketplace remains extremely challenging, our dedicated team is intently focused on driving improved demand and further advancing our operating model transformation, which position Sleep Number to deliver profitable long-term growth when the market recovers," Ibach said in the earnings release.

Findley's employment agreement filed with the Securities and Exchange Commission says she will get an annual salary of $1.2 million, be eligible for annual long-term equity incentive awards valued at $5 million starting in 2026. She was also given a one-time long-term equity award made up of several pieces that vest over multiple years valued at $10 million.