Party City appoints former employee as Chief Financial Officer (CFO) in a purple position.
Purple, the popular sleep solutions company, has declared that Todd Vogesen, former CFO of Party City, will join its team as Chief Financial Officer (CFO) starting October 16.
Vogensen has got some serious experience under his belt, having previously held key financial positions at Chico's, Michaels, and Gap. He's no stranger to turning around financially-challenged companies, as he's been the man behind Party City's reorganization during bankruptcy, according to the official press release.
This move comes as the replacement for Bennett Nussbaum, who's been serving as interim CFO since August 2021. Needless to say, Nussbaum's going to kick things up a notch, starting October 16, when he steps into the role of Purple's Chief Transformation Officer, as per a Securities and Exchange Commission (SEC) filing.
Todd Vogensen brings his wealth of knowledge and expertise to Purple at a crucial time, as the company is facing a dip in sales and increasing losses. In fact, Purple reported a whopping 16.1% drop in Q2 revenue this year, totaling $120.9 million. Add to that a widened operating loss of $37.3 million and a net loss of $37.7 million, and you've got a challenging picture. With a more cautious industry outlook for the rest of the year, the company revised its financial guidance, predicting net revenue to fall between $560 million and $590 million – quite a difference from the $590 million to $615 million that was previously projected.
Purple's been busy repositioning itself in recent months, focusing on offering premium products to attract a broader customer base. In May, it introduced its Premium and Luxe Collections, beefing up its mattress assortment with nine new options.
Todd Vogensen is exactly the guy Purple needs to help steer them through these turbulent times. Not only does he have a proven track record for leading companies through financial challenges, but he's a seasoned pro at financial planning, organizational transformation, and scaling organizations. Rob DeMartini, Purple's CEO, had this to say: "I'm stoked to welcome Todd Vogensen to our senior leadership team. With his impressive background, Vogensen is the perfect guy to lead our finance team and guide us towards premium sleep."
Sources:1. Purple Innovation Press Release: [Link]2. SEC Filing: [Link]
- Todd Vogensen, with his experience in reorganizing financially-challenged companies like Party City, will join Purple as CFO, beginning October 16.
- As a seasoned financial expert, Vogensen will bring his knowledge and expertise to help Purple navigate through its current dip in sales and increasing losses.
- Facing a challenging financial scenario, Purple is set to benefit from Vogensen's ability to plan financially, transform organizations, and scale companies.
- According to Rob DeMartini, Purple's CEO, Vogensen is the ideal candidate to lead Purple's finance team and guide the company towards premium sleep solutions.
- Finally, with Vogensen's appointment as CFO, Demartini expressed his excitement, believing that he will play a crucial role in the scaling and business operations of Purple.
