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Shelly R. Ibach

Chair, President, and CEO at Sleep Number
Board
Since June 2012
Age
64 years
Tenure
Joined Sleep Number in April 2007 as Senior Vice President, later promoted to Executive Vice President, Sales and Merchandising, then Chief Operating Officer, and assumed the role of President and CEO in June 2012, before also becoming Chair in May 2022.

Also at Sleep Number

ALB
Andrea L. Bloomquist
EVP and Chief Innovation Officer
CDK
Christopher D. Krusmark
EVP and Chief Human Resources Officer
FKL
Francis K. Lee
EVP and CFO

About

Shelly R. Ibach serves as the Chair, President, and CEO of Sleep Number Corporation (Nasdaq: SNBR), bringing a wealth of experience from a distinguished career in retail and executive leadership. Her journey at the company began in April 2007 when she joined as Senior Vice President of U.S. Sales for company-owned channels, embarking on a path of rapid advancement.

Over the years, she held pivotal roles including Executive Vice President, Sales and Merchandising and Chief Operating Officer, before being promoted to President and CEO in June 2012. Her leadership has been instrumental in transforming the company from a specialty mattress retailer into a sleep wellness technology leader, marked by significant revenue growth and innovative product developments such as the first commercialized smart bed.

In addition to her executive achievements, Shelly has played a key role on various boards and industry organizations. She was later appointed Chair of the Board in May 2022, reinforcing her commitment to strategic vision and governance, and she will serve as a strategic advisor through the end of 2025 as she prepares for retirement.

$SNBR Performance Under Shelly R. Ibach

Past Roles

OrganizationRoleDate RangeDetails
Sleep Number CorporationExecutive Vice President and Chief Operating OfficerJune 2011 to June 2012Former SNBR role
Sleep Number CorporationExecutive Vice President, Sales & MerchandisingOctober 2008 to June 2011Former SNBR role
Macy's, Inc.Senior Executive Roles in Operations and MerchandisingN/AHeld prior to joining SNBR (25+ years experience)
Target CorporationSenior Executive Roles in Operations and MerchandisingN/AHeld prior to joining SNBR (25+ years experience)

External Roles

OrganizationRoleDate RangeDetails
American Cancer Society (Minnesota Chapter)Chairperson, CEOs Against CancerSince 2020Active position outside SNBR

Fixed Compensation

Data from  FY 2023
Component NameAmountPayment ScheduleAdditional Details
Base Salary$1,200,000 AnnualizedFixed annual salary
All Other Compensation$119,553 AnnualizedIncludes 401(k) Company Match $12,200 , Executive Physical $5,000 , and Personal Use of Company Aircraft $102,353

Performance Compensation

Data from  FY 2023

Annual Incentive Plan (AIP)

MetricValueDetails
Adjusted EBITDA Threshold$141.7 million 25% payout; 80% of Annual Operating Plan (AOP)
Adjusted EBITDA Target$177.1 million 100% payout; 100% of AOP
Adjusted EBITDA Maximum$212.5 million 200% payout; 120% of AOP
First-Half EBITDA Goal$83.3 million AOP for the first half; basis for progress payment
Actual First-Half EBITDA$83.5 million Exceeded goal; resulted in a progress payment
Full-Year EBITDA (Actual)$126.7 million Below threshold; no full-year AIP payout
AIP Target Incentive140% of base salary (i.e., $1,680,000) Calculated based on a base salary of $1,200,000
First-Half Payout$420,000 25% payout of target incentive based on first-half performance

Long-Term Incentive Plan (LTI)

ComponentTarget Number / ValueDetails
Performance Stock Units (PSUs)121,230 units Threshold: 10,063 units; Maximum: 242,460 units; Vesting: 3-year performance period
PSU Grant Value$4,237,500 Target grant value for PSUs
Stock Options68,490 options Exercise Price: $28.41 ; Vesting: 3 equal annual installments
LTI Total Grant Value$5,650,000 Composed of 75% PSUs and 25% Stock Options
Grant DateMarch 15, 2023 Applicable for both PSUs and Stock Options
Grant Date Stock Price$28.41 Used for Stock Options exercise price
20-Day Average Share Price (PSUs)$34.96 Determination metric for the number of PSUs