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Sleep Number CEO Pay Rises 66% in 2021

Sleep Number had a strong year in 2021 as earnings rose 34% and revenue grew 20% to $2.18 billion even as the company battled supply chain issues. And because of this, Shelly Ibach, CEO of Sleep Number, made $19 million in 2021, which is up 66% from 2020.

The increase was a result of achieving annual goals in 2021 and also from compensation tied to performance over the last three years. Ibach also realized $2.9 million from exercising 32,575 stock options granted in previous years.

Sleep Number’s annual incentive plan is based on the company’s adjusted earnings and applies to Ibach, other executives and nearly 2,000 of its employees. Ibach’s annual cash incentive was $1.9 million, down from the previous year’s $3.5 million.

Ibach will soon assume the board chair role at Sleep Number in addition to her president and CEO titles. On May 12, she will succeed Jean-Michel Valette, chairman since 2010. Valette will remain on the board and current director Michael Harrison will be named lead independent director. Ibach’s new role did not affect her compensation for 2021.

However, in 2020, Ibach gave up some of her base salary in exchange for equity awards. In 2021, the full salary resumed and the board increased her annual salary by 5% to $1,155,000 a year, according to a report by Star Tribune.

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