Casper CEO out; taps former rival as successor
Casper has named the former CEO of a rival brand to lead its next stage of growth.
The mattress and sleep products has appointed Joe Megibow as CEO, effective immediately. He succeeds the departing Emilie Arel, who will assist in the transition until March 1, 2024.
Previously, Megibow spent nearly four years at bedding brand Purple, including serving as CEO from 2018 to 2021, and then as an advisor. He led the brand into sustained profitability and significant market share growth through major wholesale expansion, the launch of retail stores and e-commerce advancements, according to a Casper release.
Megibow’s appointment comes as Casper gears up for a new mattress rollout, set to launch next month. The new line “will reflect the most up-to-date needs of customers,” the company said, and be designed around three core principles: cooling, support, and comfort. Earlier this month, Casper debuted a new immersive format at its revamped store in South Coast Plaza, Costa Mesa, Calif.
Most recently, Megibow was CEO of data-driven wine discovery and production platform Bright Cellars. His experience also includes serving as senior VP and chief digital officer of American Eagle Outfitters, from 2012-2015, and as VP and general manager of Expedia.com.
“No other mattress brand has cultivated the level of customer trust and love that Casper has, and it’s our time to leverage this unique position,” said Megibow. “This is the sleep brand pioneer that disrupted the industry, creating unmatched brand awareness in a sleepy category with a strong focus on innovative products that support our passion for sleep health. With recent investment from strategic partnerships, Casper is well capitalized and poised for significant growth.”
Departed CEO Arel joined Casper in 2019 as president and chief commercial officer. She was named chief executive in 2021. Prior to Casper, Arel was CEO of FullBeauty Brands, from 2017 to 2019. She also spent three years as chief executive of Amazon subsidiary Quidsi Inc., and seven years in various executive positions at Gap Inc.
"I want to thank Emilie for her vital leadership and valuable contributions over the past four years at Casper,” said Eric Sobotka, managing partner and founder of Durational Capital Management, which acquired Casper in 2022. “We are excited to welcome Joe, who brings tremendous industry experience and an exciting vision for Casper’s next phase of growth.”
Casper has 66 stores across the U.S.