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From Home Furnishing Business

Purple Appoints Robert DeMartini as Acting CEO

Purple Innovation, Inc. (NASDAQ: PRPL) has announced that Robert T. DeMartini has been appointed as acting chief executive officer and a member of the board of directors, effective immediately.

DeMartini succeeds Joseph B. Megibow, who is stepping down as chief executive officer and a member of the Board. Megibow will serve as an advisor to the new CEO to ensure a smooth transition.

"Purple's strategic direction and multi-year growth prospects have the company well positioned for 2022 and beyond. The board is confident this leadership transition will help sharpen our execution and advance the business toward the long-term financial targets we established earlier this year," said Paul Zepf, non-executive chairman of the board. "Purple has successfully leveraged its comfort technologies and focus on health and wellness to generate strong affinity for our brand and products and disrupt the mattress industry. With his track record leading New Balance's high-performance growth and rise to a top global athletic brand, Rob is a great addition to the organization and the ideal person to lead Purple. On behalf of the board and all of our employees, we would like to thank Joe for his leadership and contributions during his tenure and we wish him all the best with his future endeavors."

"I am honored to take the helm at Purple, a company that has quickly established itself as a leader in the premium mattress category through its proprietary comfort solutions,” said DeMartini. “With a powerful portfolio of innovative products that help people feel and live better, vertically integrated manufacturing capabilities, and omni-channel distribution strategy, I believe Purple is well positioned to further expand its market share in the years ahead. I look forward to working collaboratively with both the Board and the talented and passionate team of employees to strengthen the Company's operations and best prepare Purple for its next phase of growth."

DeMartini is an experienced leader with a long history of strong growth and execution during his 37-year career. He served as president and chief executive officer of New Balance from 2007 to 2019. During his twelve-year tenure, New Balance increased its annual sales to over $4 billion and achieved one of the highest growth rates in the athletic footwear and apparel industry, driven by successful product development, marketing, omni-channel and supply chain strategies. Prior to joining New Balance, DeMartini worked at Procter & Gamble for 20 years, beginning in its Food & Beverage Division and including management roles with the Gillette Company, North American Snacks, and Millstone Coffee. He most recently served as president and chief executive officer of USA Cycling.

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