Business
Sleep Number Chair, President and CEO Shelly Ibach Announces Retirement
Minnesota’s longest tenured female public company CEO transformed mattress retailer into wellness technology company, built iconic Sleep Number brand Company
About this update from Sleep Number Corporation
[{"type":"text","content":"\nMinnesota’s longest tenured female public company CEO transformed mattress retailer into wellness technology company, built iconic Sleep Number brand\n\nCompany also shares plans for additional Board and corporate governance changes\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nSleep Number Corporation (Nasdaq: SNBR) announced today that Shelly Ibach has shared her plans to retire as Chair, President and Chief Executive Officer, no later than the 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”). Pursuant to its established succession plan, the Board of Directors (the “Board”) has engaged an independent executive search firm to help identify Ibach’s CEO successor. 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241030989324/en/Sleep Number Chair, President and CEO Shelly Ibach Announces Retirement (Photo: Business Wire)\n“Throughout her 12-year tenure as CEO, Shelly transformed the company by consistently demonstrating visionary, results-oriented leadership and driving significant business innovation. 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,” said Michael Harrison, Sleep Number Board independent Lead Director. “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. Building on this legacy, the company’s sleep wellness technology and the operating model transformation position it for accelerated profitable growth with strong free cash flow when the bedding industry and macroeconomic environment recover.”\n\n“I am filled with gratitude for my nearly 18 years at Sleep Number and our team members’ unwavering dedication to our mission and purpose, which has led to improving almost 16 million lives through our beloved brand. I am so proud of the innovative and resilient company we’ve built together,” said Shelly Ibach. “Our pu...