Former CEO of Blue Apron to take reins at Sleep Number
Sleep Number Corp. has named its next chief executive, ending a “rigorous search."
The bedding company, which operates 640 stores, has appointed Linda Findley as president and CEO and as a member of the board, effective April 7, She succeeds Shelly Ibach, who announced her intention to retire in October 2024.
Most recently, Findley served as CEO at Blue Apron Holdings, from 2019 to 2024, where she spearheaded a turnaround strategy that culminated in the company’s sale to a strategic buyer in September 2023.
Previously, Findley was COO at Etsy, from 2016 to 2018, where she was responsible for overseeing global operations, product, marketing and brand strategy, customer support and international expansion.
In a release, Sleep Number said Findley’s appointment follows a rigorous search and selection process conducted by the company’s independent directors with the assistance of a leading executive search firm. Every independent director engaged with the finalists, and the board’s decision was unanimous, the company added, and Ibach recused herself from final interviews as well as the vote on her successor’s appointment.
“We are excited to welcome Linda to Sleep Number as our new CEO,” said Phillip M. Eyler, who will succeed the outgoing Ibach as board chair at the company’s 2025 annual meeting. “She will advance our ongoing transformation and guide the company into its next chapter. With a proven ability to champion change, enhance performance, drive revenue growth and build engaging brands, Linda is well-equipped to lead Sleep Number as we work to capitalize on the significant opportunity ahead of us and to deliver long-term value for our stakeholders.”
Fourth Quarter
For the fourth quarter, ended Dec. 28, Sleep Number reported that its net sales fell 12% to $377 million were down 12%, including one to two percentage points of pressure from lower store count versus the prior year. It had a net loss of $5 million compared with a net loss of $25 million for the same period last year.
“In the face of significant ongoing weakness in the U.S. bedding industry, we have transformed Sleep Number’s operating model over the past 18 months for greater financial resilience,” stated Ibach. “In 2024, we delivered gross margin rate improvement and operating cost reductions that were nearly double our original targets for the year, while generating positive free cash flow.”
