LEHI, Utah, Aug. 24, 2021 /PRNewswire/ -- Purple
Innovation, Inc. (NASDAQ: PRPL) ("Purple" or the "Company"), a
leader in comfort innovation and the creator of the renowned
Purple® Mattress, today announced that Chief
Financial Officer Craig Phillips and
the Company have determined to separate, effective August 31, 2021. Purple has engaged an executive
search firm to identify Phillips' successor.
The Company has appointed Bennett
Nussbaum to serve as interim Chief Financial Officer.
Nussbaum is a global financial executive and senior adviser with
over 45 years of experience including roles as Chief Financial
Officer at Pepsi-Cola International, Burger King and FedEx
Office.
Joe Megibow, Chief Executive
Officer said, "On behalf of the board and entire Company, we
wish Craig all the best in his future endeavors. With an
experienced finance team in place, combined with the addition of a
seasoned financial executive in Bennett, we are confident in our finance
team's ability to support Purple while we identify and appoint a
permanent CFO."
Phillips' departure is not related to the Company's operations,
financial reporting or controls.
About Purple
Purple is a digitally-native
vertical brand with a mission to help people feel and live better
through innovative comfort solutions. We design and manufacture a
variety of innovative, premium, branded comfort products, including
mattresses, pillows, seat and back cushions, frames, sheets and
more. Our products are the result of over 25 years of innovation
and investment in proprietary and patented comfort technologies and
the development of our own manufacturing processes. Our proprietary
gel technology, Hyper-Elastic Polymer®, underpins many
of our comfort products and provides a range of benefits that
differentiate our offerings from other competitors' products. We
market and sell our products through our direct-to-consumer online
channels, traditional retail partners, third-party online retailers
and our owned retail showrooms.
Forward Looking Statements
Certain statements
made in this release that are not historical facts are "forward
looking statements" within the meaning of the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include but are
not limited to statements relating to the timing and ability of the
Company to identify and appoint a permanent Chief Financial Officer
and the performance of the Company's business. Statements based on
historical data are not intended and should not be understood to
indicate the Company's expectations regarding future events.
Forward-looking statements provide current expectations or
forecasts of future events or determinations. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Factors that could influence the
realization of forward-looking statements include, among others,
the risk factors outlined in the "Risk Factors" section of our
Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the "SEC") on March 11, 2021, as
amended by our Annual Report on Form 10-K/A filed with
the SEC on May 10, 2021 and in our Quarterly
Reports on Form 10-Q filed with the SEC on May 17,
2021 and August 9, 2021. The Company
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Contact:
Brendon Frey, ICR
brendon.frey@icrinc.com
203–682–8200
Purple Innovation, Inc.
Misty Bond
Director of Purple Communications
misty.b@purple.com
385-498-1851
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SOURCE Purple Innovation, Inc.