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    Shelly R. Ibach

    Chair, President, and CEO at Sleep Number Corp
    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 Corp

    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