Sleep Number CEO Shelly Ibach to Retire in 2025; Michael Harrison to Take Over as Chair

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Shelly Ibach, the long-serving CEO of Sleep Number, a leading sleep solutions company, announced her plans to retire from her positions as Chair, President, and CEO, effective no later than the 2025 Annual Meeting of Shareholders [1]. Ibach's departure marks the end of an era for Sleep Number, as she has been the company's longest-serving female CEO and a key figure in its transformation from a mattress retailer to a wellness technology company [2].

During her 12-year tenure, Ibach demonstrated exceptional leadership and vision, driving significant business innovation and growth [2]. Her authenticity and commitment to the company's mission have earned her widespread respect within the industry and among Sleep Number's employees, customers, and shareholders.

To ensure a smooth transition, Sleep Number's Board of Directors has engaged an independent executive search firm to help identify Ibach's successor [1]. Michael Harrison, the company's current independent Chair, will assume the role of CEO upon Ibach's retirement [1]. Harrison brings extensive experience in the retail and consumer industries, having served as the CEO of The Container Store, a publicly-traded retailer, from 2015 to 2020 [3].

In addition to these leadership changes, Sleep Number also announced plans for additional Board and corporate governance changes [1]. These details have not been disclosed at this time.

As the sleep industry continues to evolve, Sleep Number remains committed to providing innovative solutions that help people of all ages and sleep styles achieve their best rest. With a strong leadership team in place, the company is well-positioned to continue its growth and success in the years ahead.

References:

[1] Sleep Number. (2024, October 30). Sleep Number Chair, President and CEO Shelly Ibach Announces Retirement. Business Wire. https://www.businesswire.com/news/home/20241030989324/en/

[2] Morningstar. (2024, October 30). Sleep Number Chair, President and CEO Shelly Ibach Announces Retirement. Business Wire. https://www.morningstar.com/news/business-wire/20241030989324/sleep-number-chair-president-and-ceo-shelly-ibach-announces-retirement

[3] The Container Store. (n.d.). Michael Harrison. The Container Store. https://www.containerstore.com/s/Michael-Harrison/cat/A062?id=20221