Select Comfort Corp. said Monday that CEO and President Bill McLaughlin will retire June 1 and that Chief Operating Officer Shelly Ibach will succeed him.
The Plymouth-based maker and marketer of adjustable-firmness mattresses also said that in anticipation of her new role, Ibach has been appointed to the company's board of directors effective immediately. McLaughlin will step down as a director June 1.
McLaughlin, joined Select Comfort in 2000 and revived the company's flagging sales growth by helping create and launch the marketing concept of the Sleep Number -- a number corresponding to the ideal firmness of a bed based on a person's height, weight, body shape, and preferred sleeping position. The Sleep Number became a succinct way to communicate the unique adjustable features of the air-chamber beds.
McLaughlin later guided the company through an ownership struggle and the recession, which saw industry-wide sales of mattresses fall because of the depressed housing market.
Ibach joined Select Comfort in 2007. She previously held leadership positions in the department store division of Target Corp. and was senior vice president and general merchandise manager for both Macy's and Marshall Field's home divisions. She has served as COO at Select Comfort since 2011.
Ibach's promotion to president and CEO comes with a corresponding increase in base salary. Effective June 1, 2012 Ibach will receive a salary of $600,000 per year.
Ibach was promoted to COO this past June 15, at which time her annual salary rate was set at $400,000.
Select Comfort said that for the past 18 months Ibach has been one of the key architects behind the company's strategy to increase brand and store awareness, elevate customer service and develop new products.
