Minnesota’s longest tenured female public
company CEO transformed mattress retailer into wellness technology
company, built iconic Sleep Number brand
Company also shares plans for additional Board
and corporate governance changes
Sleep 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.
This 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)
“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.”
“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
purpose has inspired the revolutionary Sleep Number smart bed and
digital wellness platform that provide life-changing value for our
customers. I am honored to have led this incredible team and
diverse Board through many transformations and challenging
environments to emerge a stronger company and have tremendous
confidence in Sleep Number’s enduring competitive advantages and
continued stakeholder value creation.”
Ibach’s Impact
As Minnesota's longest tenured female leader of a public
company, Ibach has transformed nearly every aspect of the company:
its talented team, iconic brand, industry leading sleep
innovations, vertical business model, and values-based culture.
Under her guidance, 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. Sleep
Number became the innovation market leader by introducing the first
commercialized smart bed with a multi-sided platform and
proprietary ecosystem. This enabled strategic collaborations with
the NFL and world-renowned health and research institutions,
including the Mayo Clinic and American Cancer Society. Throughout
her tenure, Ibach deliberately aligned the company’s strategic
evolution and operational execution with progressive Board
governance to drive long-term shareholder value.
Board Changes and Corporate Governance Enhancements
With Ibach’s retirement, she will not stand for reelection to
the Board upon the expiration of her term at the 2025 Annual
Meeting. The Board has unanimously determined its intent to appoint
Michael Harrison as independent Chair following the 2025 Annual
Meeting. Harrison has served as Sleep Number’s independent Lead
Director since May 2022, drawing on deep institutional knowledge
and broad consumer-facing experience.
Sleep Number also announced today that two of its longer serving
directors plan to retire by the 2026 Annual Meeting of
Shareholders, at which time the Board intends to reduce its size.
With these retirements, the Board will implement changes to its
committee leadership with overlapping chair tenures to ensure
effective transitions. The Board also plans to seek shareholder
approval at the 2025 Annual Meeting to amend the company’s
governing documents, including commencing a process to declassify
the Board and to adopt a majority voting standard for approvals of
mergers and future amendments to the Company’s Articles of
Incorporation. Additional details regarding these changes are
outlined in the following Letter to Shareholders.
The company also announced its 2024 Third Quarter performance
results today:
https://www.businesswire.com/news/home/54144336/en
Letter to Shareholders
Dear Shareholders:
In addition to Shelly’s retirement, we announced changes to the
Board and advancements to our corporate governance, which are
described in more detail in this letter. These important changes
have been structured to ensure business continuity while executing
our ongoing transformation and supporting long-term shareholder
value creation.
Sleep Number has many strengths: a track record of innovation
superiority, a vertically integrated business model, an ecosystem
of millions of engaged customers, an iconic brand, and 3,700
talented team members who are dedicated to our mission. To maintain
and build on these strengths, even in the face of a prolonged
bedding industry recession, requires thoughtful continuous
improvement; this underpins our efforts to expand Sleep Number’s
differentiation while transforming our operating model for greater
financial resilience. The Board and governance changes that we
announced today are the result of a comprehensive, carefully
considered plan.
Board Composition
The Board is committed to ongoing refreshment, maintaining a
composition that reflects diverse perspectives, including a
complementary mix of professional and personal backgrounds and
experiences. This deliberate approach positions us to sustain
progressive innovation, navigate disruptions and support long-term
success. In support of this continuous evolution, last year we
added two new directors who were identified by one of our
shareholders. With these additions, the Board acknowledges its
expanded size in relation to the scale of our company. While we
value the contributions of each of our talented directors, we
believe that strategically reducing the size of the Board at the
appropriate time will enhance our governance.
To that end, two of our longer-serving directors, Steve Gulis
and Brenda Lauderback, have decided to retire from the Board by the
2026 Annual Meeting of Shareholders, prior to the expiration of
their terms. Steve and Brenda have been valuable contributors to
Sleep Number throughout their years of service. To prepare for
their retirements, the Board has identified incumbent directors
Steve Macadam and Phil Eyler as successor chairs of the Audit
Committee and the Management Development and Compensation
Committee, respectively. They will rotate into their new roles over
time to provide overlap with the tenures of Steve and Brenda and
facilitate an effective transition in the leadership of these core
committees. We are also broadening the mandate of our Capital
Allocation and Value Enhancement Committee so that it can provide
oversight of our capital structure while continuing its important
work on capital allocation.
Governance Advancements
Consistent with feedback we have received from our shareholders,
the Board plans to seek shareholder approval at the 2025 Annual
Meeting for important amendments to the company’s governing
documents. The Board expects to garner shareholder support to begin
a process to declassify the Board and to adopt a majority voting
standard for approvals of mergers and future amendments to the
company’s Articles of Incorporation. These changes reflect the
Board’s ongoing commitment to progressive and effective corporate
governance and accountability to shareholders.
A Continued Focus on Transformation
As we move forward with these changes and continue to improve
the company’s financial resilience, we remain committed to
preserving and strengthening the company’s competitive advantages.
We are deeply grateful to our dedicated, mission-driven team
members, whose tenacity, ingenuity and commitment to embracing
change and innovation consistently drive our progress. Their
exceptional efforts have enabled our initiatives to create a more
durable operating model, yielding positive results and positioning
Sleep Number to capitalize on the expanding market for
sleep-related health and wellness products when industry and
macroeconomic conditions improve.
On behalf of the full Board, we want to thank you, our
shareholders. We value your perspectives, which have informed many
of the actions we announced today, and we will continue to work
diligently on your behalf to drive profitable growth and
sustainable long-term value.
Sincerely,
/s/ Shelly Ibach Shelly Ibach Board Chair, CEO, and President
Sleep Number® setting 40, average SleepIQ® score of 82
/s/ Michael J. Harrison Michael J. Harrison Independent Lead
Director Sleep Number® setting 50, average SleepIQ® score of 84
About Sleep Number Corporation
Sleep Number is a wellness technology company. We are guided by
our purpose to improve the health and wellbeing of society through
higher quality sleep; to date, our innovations have improved nearly
16 million lives. Our wellness technology platform helps solve
sleep problems, whether it’s providing individualized temperature
control for each sleeper through our Climate360® smart bed or
applying our more than 29 billion hours of longitudinal sleep data
and expertise to research with global institutions.
Our smart bed ecosystem drives best-in-class engagement through
dynamic, adjustable, and effortless sleep with personalized digital
sleep and health insights; our millions of Smart Sleepers are loyal
brand advocates. And our 3,700 mission-driven team members
passionately innovate to drive value creation through our
vertically integrated business model, including our exclusive
direct-to-consumer selling in nearly 650 stores and online.
To learn more about life-changing, individualized sleep, visit a
Sleep Number® store near you, our newsroom and investor relations
sites, or SleepNumber.com
Forward-looking Statements
Statements used in this news release relating to future plans
and events such as the statements about the company’s board and
leadership retirements and succession plans, position for
accelerated profitable growth, enduring competitive advantages and
continued stakeholder value creation, and intentions to update
governance documents, are forward-looking statements subject to
certain risks and uncertainties which could cause the company’s
results to differ materially. The most important risks and
uncertainties are described in the company’s filings with the
Securities and Exchange Commission, including in Item 1A of the
company’s Annual Report on Form 10-K and other periodic reports.
Forward-looking statements speak only as of the date they are made,
and the company does not undertake any obligation to update any
forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030989324/en/
Investor Contact: Dave Schwantes; (763) 551-7498;
investorrelations@sleepnumber.com Media Contact: Julie
Elepano; (414) 732-9840; julie.elepano@sleepnumber.com
Sleep Number (NASDAQ:SNBR)
過去 株価チャート
から 10 2024 まで 11 2024
Sleep Number (NASDAQ:SNBR)
過去 株価チャート
から 11 2023 まで 11 2024
