Sleep Number CEO to retire
Sleep Number Corp. has joined the ranks of retailers searching for a new chief executive.
The mattress and bedding retailer announced that company veteran Shelly Ibach plans to retire as chair, president and CEO, effective no later than the company's 2025 annual shareholders meeting. Ibach, Minnesota's longest tenured female leader of a public company, has served as CEO for the past 12 years. She joined the company in 2007.
In line with Sleep Number's succession plan, the board has hired an executive search firm to help identify a new CEO. To support an effective transition, Ibach will continue to serve as chair through the conclusion of the 2025 annual meeting, and has agreed to serve as a strategic advisor to the new CEO and board through the end of 2025.
Under Ibach's leadership, the company completed a multi-year transformation from Select Comfort, a specialty mattress "infomercial" retailer with a limited addressable market and $743 million in annual sales, to Sleep Number, a digitally connected, sleep wellness brand with 2023 revenues of $1.9 billion. The company led innovation in its space by introducing the first commercialized "smart" bed with a multi-sided platform and proprietary ecosystem.
“Throughout her 12-year tenure as CEO, Shelly transformed the company by consistently demonstrating visionary, results-oriented leadership and driving significant business innovation," said Michael Harrison, Sleep Number board independent lead director. "Her authenticity has inspired the commitment of the entire Sleep Number team to its purpose: to improve the health and wellbeing of society through higher quality sleep."
"Shelly’s passion for Sleep Number’s bold vision, combined with her courage, ingenuity, and resolve, have propelled the company’s strategic differentiation and growth in a highly commoditized market, earning Shelly and the company well-deserved recognition," continued Harrison.
Board changes
With Ibach’s retirement, she will not stand for reelection to the board upon the expiration of her term at the annual meeting. The board has unanimously determined its intent to appoint Michael Harrison as independent chair following the meeting. Harrison has served as Sleep Number’s independent lead director since May 2022.
Sleep Number also announced two of its longer serving directors plan to retire by the annul meeting, at which time the board intends to reduce its size.
