Ibach to Become President of Select Comfort; McLaughlin to Retire
MINNEAPOLIS-Shelly Ibach, chief operating officer of Select Comfort, will succeed the retiring Bill McLaughlin as president and CEO on June 1.
In anticipation of her new roles, Ibach has been appointed to the company's board of directors. She joined Select Comfort in 2007 as executive vice president of sales and merchandising, and was promoted to chief operating officer in June of last year.
A Select Comfort statement credited her as being one of the key architects behind the company's sustained profit growth in recent quarters. For its 2011 fiscal year, the company reported net income of $60.5 million, nearly double that of 2010. "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," said Jean-Michel Valette, Select Comfort's chairman.
McLaughlin joined the company in 2000, and played a key role in launching the Sleep Number brand the following year. From 2004 to 2008, he served as chairman, president and CEO. In the latter year, the chairman's post was assumed by Earvin Shames, who had been chairman from 1996 to 1999. Shames was succeeded by Valette in 2010.
The statement credited McLaughlin for leading Select Comfort through a successful turnaround in 2009 and 2010. "It's been Bill's belief in the company and product, commitment to the customer and focus on people and culture that ensured we are now in a position to take full advantage of our opportunity to help transform the way America sleeps," Valette said.