Shelly R. Ibach
Also at Sleep Number Corp
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
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Sleep Number Corporation | Executive Vice President and Chief Operating Officer | June 2011 to June 2012 | Former SNBR role |
| Sleep Number Corporation | Executive Vice President, Sales & Merchandising | October 2008 to June 2011 | Former SNBR role |
| Macy's, Inc. | Senior Executive Roles in Operations and Merchandising | N/A | Held prior to joining SNBR (25+ years experience) |
| Target Corporation | Senior Executive Roles in Operations and Merchandising | N/A | Held prior to joining SNBR (25+ years experience) |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| American Cancer Society (Minnesota Chapter) | Chairperson, CEOs Against Cancer | Since 2020 | Active position outside SNBR |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $1,200,000 | Annualized | Fixed annual salary |
| All Other Compensation | $119,553 | Annualized | Includes 401(k) Company Match $12,200 , Executive Physical $5,000 , and Personal Use of Company Aircraft $102,353 |
Performance Compensation
Annual Incentive Plan (AIP)
| Metric | Value | Details |
|---|---|---|
| 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 Incentive | 140% 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)
| Component | Target Number / Value | Details |
|---|---|---|
| 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 Options | 68,490 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 Date | March 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 |