Todd Vogensen has been named as Purple’s new Chief Financial Officer, beginning October 16th. Vogensen was most recently Executive Vice President and CFO of Party City, where he was instrumental in the company’s restructuring. He has also worked in finance for Chico’s, Michaels, and Gap. Todd Vogensen will report to Rob DeMartini, Purple’s CEO.
Todd Vogensen takes over for Bennett Nussbaum, who has been serving as temporary CFO since August 2021. According to an SEC filing, Nussbaum will take over as Purple’s Chief Transformation Officer on October 16th.
Purple has officially appointed a permanent CFO after more than two years of temporary appointments. Bennett Nussbaum was appointed temporary CFO in August 2021, succeeding Craig Phillips, who had been in the position 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 during a difficult time for the company, which is experiencing diminishing sales and mounting losses. Purple reported a 16.1% year-over-year fall in Q2 revenue to $120.9 million in its most recent quarter.
Purple has been focusing on reinventing itself in response to these problems by introducing more premium items in order to reach a larger consumer base. In May, the business introduced its Premium and Luxe Collections, which contained nine new mattresses.