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From Home Furnishing Business
Sleep Number Announces Appointment of EVP and CFO
July 27,
2023 by HFBusiness Staff in Business Strategy, Industry 
Sleep Number Corporation, a wellness technology company, announced the appointment of Francis Lee to Executive Vice President (EVP) and Chief Financial Officer (CFO), effective Aug. 14.
He will assume the role from Chris Krusmark, EVP and chief human resources officer, who has held the position of Interim CFO since Jan. 2023. Lee has extensive experience in corporate finance and strategy; his leadership spans consumer product, retail, and technology companies, including Nike, Gap, Inc., and Wyze Labs, an AI-powered, smart home innovator.
Most recently, as Wyze Labs CFO, Lee increased cash flow and profitability through a business model evolution from hardware to software with recurring revenue, emphasizing customer lifetime value.
Prior to Wyze, Lee spent 13 years with Nike, including as CFO of Nike Japan, where he drove double-digit growth and margin expansion. He served as Vice President, Global Marketing Finance, a primary partner to the Chief Marketing Officer; Vice President of Finance, responsible for worldwide revenue and margin planning; and Vice President, Enterprise Strategic Investments. He also led corporate FP&A for industry-leading returns. At Gap, Inc., he worked in corporate strategy and business development.
Earlier in his career, Lee developed capital allocation strategies as a consultant to Fortune 500 companies for shareholder value creation. He holds a bachelor’s degree 1from Massachusetts Institute of Technology and an MBA from the Kellogg School of Management at Northwestern University.
“We’re pleased that our comprehensive search led us to Francis. His experience in operational transformation for consumer value and increased profits will be catalysts for our evolving business model and differentiated strategy as we drive long-term superior shareholder value,” said Shelly Ibach, chair, president and CEO, Sleep Number.
“Francis’s deep expertise and personal values complement our business and purpose-driven culture. We’re excited to welcome him to Sleep Number.”
“I’m thrilled to join Sleep Number to have a positive impact on peoples’ lives,” said Lee. “As the company realizes its strategic vision of becoming a connected sleep health leader, I look forward to working with Shelly and the rest of this passionate team to drive sustainable, protable growth and further strengthen Sleep Number’s total shareholder return.”
Krusmark will resume his position of EVP and Chief Human Resources Officer. “I wish to thank Chris for his exceptional leadership as interim CFO. We appreciate his significant contributions to the business, team and the CFO search process,” Ibach said.