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Purple announced the appointment of Todd Vogensen as its new Chief Financial Officer, effective from October 16th. Vogensen most recently served as the Executive Vice President and CFO at Party City, where he played a key role in the company’s restructuring. He also has experience in financial roles at Chico’s, Michaels, and Gap. Todd Vogensen will report to Purple’s CEO, Rob DeMartini.
This appointment comes as Todd Vogensen replaces Bennett Nussbaum, who has been serving as the interim CFO since August 2021. Nussbaum will transition to the role of Chief Transformation Officer at Purple starting from October 16th, according to an SEC filing.
Purple has now filled the CFO position on a permanent basis after more than two years of interim appointments. Bennett Nussbaum took over as interim CFO in August 2021, succeeding Craig Phillips, who held the role for less than two years.
Purple’s CEO, Rob DeMartini, expressed his enthusiasm for Todd Vogensen’s appointment, saying, “I am thrilled to welcome Todd Vogensen to our senior leadership team where he will oversee our finance team and drive our path to premium sleep. Vogensen is an experienced leader who has deep skill in scaling organizations through thoughtful [financial planning and analysis] and a focus on organizational transformation.”
Todd Vogensen joins Purple at a challenging time when the company is facing declining sales and increasing losses. In its most recent quarter, Purple reported a 16.1% year-over-year decrease in Q2 revenue to $120.9 million.
In response to these challenges, Purple has been working on repositioning itself by introducing more premium products to reach a wider customer base. In May, the company launched its Premium and Luxe Collections, which included nine new mattresses in its product lineup.
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