Tuesday, May 17, 2022

Purple Innovation Inc. (PRPL) stock dropped, following a change in its leadership

Purple Innovation Inc. (NASDAQ: PRPL) stock declined by 2.10% at last close while the PRPL stock price fell by 10.20% in the after-hours trading. Purple is a new digitally vertical brand whose purpose is to help people live better lives by providing creative comfort solutions.


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Management Changes

Robert T. DeMartini has been named Acting Chief Executive Officer and a board member of Directors of Purple Innovation. Mr. DeMartini takes over as Chief Executive Officer and a member of the Board from Joseph B. Megibow, who is resigning. To facilitate a seamless transition, Mr. Megibow will act as an advisor to the next CEO.


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Rob DeMartini is a seasoned executive with a track record of great development and execution throughout the course of his 37-year tenure. From 2007 until 2019, Mr. DeMartini was President and CEO of New Balance. New Balance boosted its yearly sales to nearly $4 billion during his twelve-year employment. Product innovation, advertising, omni-channel, and supply chain initiatives helped the company achieve one of the greatest growth rates in the sports footwear and clothing sector. Mr. DeMartini spent 20 years in Procter & Gamble, beginning in the Food & Beverage Division and progressing through managerial positions at the Gillette Company, North American Snacks, and Millstone Coffee. He was the President and CEO of USA cycling until lately.

Paul Zepf, Non-Executive Chairman of the Board stated that,

Purple is well placed for 2022 and beyond due to its strategic orientation and multi-year growth possibilities. The Board is satisfied that this leadership change will help them improve their execution and get the company closer to the long-term financial goals they set earlier this year. Purple has effectively used its comfort technology and attention on health and wellbeing to build strong brand and product loyalty and challenge the mattress market.

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