Select Comfort CEO to Exit; COO Ibach Is Successor
Select Comfort Corporation said Monday that President and CEO Bill McLaughlin will leave the company on June 1-and Chief Operating Officer (COO) Shelly Ibach will succeed him.
McLaughlin joined the Plymouth-based company in 2000 and is credited with helping to create and launch the Sleep Number brand in 2001. Sleep Number beds allow individuals to adjust the firmness and support of each side of the mattress with the push of a button.
Upon leaving the company this summer, McLaughlin plans to “leverage his extensive leadership experience to mentor other mission-driven organizations with significant growth potential,” Select Comfort said. In addition to stepping down from the roles of president and CEO, McLaughlin will also retire as a director of the company's board as of June 1.
Ibach-who has been appointed to the company's board, effective immediately-joined Select Comfort in 2007 and became COO in 2011; her current responsibilities include consumer insight, marketing, sales, and product management functions. Prior to joining Select Comfort's C-suite, Ibach was the company's executive vice president of sales and merchandising.
Select Comfort said that for the past 18 months, Ibach has been one of the “key architects” behind its growth formula-which the company describes as “an integrated, customer-focused strategy…”
Before joining Select Comfort, Ibach held leadership positions within the department store division of Target Corporation and within the home division at both Macy's and Marshall Field's.
“Select Comfort is committed to setting a new standard in sleep for the consumer. This transition in leadership underscores the board's confidence in both the magnitude of the opportunity and the strength of the operating team,” Select Comfort Chairman Jean-Michel Valette said in a statement. “Shelly's deep experience in retail, brand, and product combined with her talent for developing high-performing, customer-centric teams make her the right leader to build on the strong foundation established by Bill.”
A Monday filing with the U.S. Securities and Exchange Commission indicates that Ibach's annual base salary will jump from $400,000 to $600,000 after she takes the helm.
For 2011, Select Comfort reported earnings of $60.5 million, or $1.07 per share, on revenue of $743.2 million. That's up significantly from $31.6 million, or 57 cents per share, on revenue of $605.7 million for the prior year. It is among Minnesota's 40-largest public companies based on revenue.