Lehi, Utah – Mattress company Purple Innovation has appointed a new acting CEO. Robert DeMartini succeeds Joseph Megibow, who is stepping down from his role as CEO and board member. Megibow will work as an advisor to facilitate a smooth transition.
DeMartini is the former president and CEO of sportswear specialist New Balance. He left that role in 2019 to become president and CEO of USA Cycling.
‘I believe Purple is well positioned to further expand its market share in the years ahead,’ DeMartini said. ‘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.’
The company is also updating its financial outlook for 2021. It now expects net revenue and adjusted EBITDA to be at the lower end of the guidance ranges it announced on 9 November.