Under the original terms of the employment agreement, DeMartini would hold the interim role until July 3. During that time, Purple paid him DeMartini $150,000 a month consisting of $50,000 payable in cash and $100,000 in stock compensation.
On a fourth-quarter earnings call, the company announced Demartini—who spent 12 years as president and CEO of New Balance and was most recently the president and CEO of USA Cycling—would stay in the role as acting CEO.
“I am very excited to be leading Purple during this important period in the company’s history,” DeMartini said. “Purple has established itself as a differentiated premium mattress brand through proprietary comfort technologies that provide consumers with a superior sleeping experience.”
During his tenure at New Balance, the company increased its annual sales to more than $4 billion, achieving one of the highest growth rates in the athletic footwear and apparel industry.
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