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From Home Furnishing Business

CEO Mattress Firm Names Ken Murphy President, CEO

Ken Murphy has been named president and CEO of bedding retailer Mattress Firm Holding Corp. (NASDAQ: MFRM), succeeding Steve Stagner in the position.

Stagner assumes the position of executive chairman for the company and chairman of the board of directors.

The changes, effective immediately, are part of the company’s long-term succession plan and will allow for better division of responsibilities for the two executives. Murphy assumes direct leadership of the full operations of the company, and Stagner is focused on the strategic vision for Mattress Firm and the integration of the Sleepy's acquisition.

"It is with great pride that I announce Ken Murphy's appointment as president and CEO of Mattress Firm,” Stagner said. “He is the right leader at this time in our company growth story as we turn our focus from achieving our goal of becoming border-to-border and coast-to-coast with recent acquisitions, to continuing to grow through a relentless commitment to operational excellence. We have a tremendous opportunity ahead now that we have assembled a national footprint. Ken has been preparing for this role throughout his career. He is an incredibly strong operator and has already begun implementing his plan to drive results with a laser focus on store productivity. Ken is beloved by our people as a passionate cultural champion, drawing from his roots on the front lines over 18 years ago."

Murphy joined the retailer in 1998 and has held multiple leadership roles since that time. Since being named president in 2015, Murphy has driven the strategic framework which prioritizes company investments and includes areas such as an increased focus on digital and omni-channel initiatives, employee focused programs that encourages a highly performing and highly engaged culture, and community centric activities designed to resonate with millions of customers on a local level. During his tenure with the company, he has served as president, chief operating officer, executive vice president of sales and operations, national vice president of sales, vice president of field and talent management, and director of training and recruiting. In his expanded role as president and CEO, Murphy is responsible for all core functions, including sales, marketing, merchandising, finance and operations.

"The next chapter of growth for this company represents an exciting opportunity to turn our unbridled focus toward the pursuit of operational excellence as we begin to integrate all of the talented teams, best practices, and dynamically rich assets we've amassed in recent years,” Murphy said. “We have an exciting opportunity ahead to truly become America's preferred choice for better sleep while also helping our incredible teams grow in their careers. This opportunity aligns directly with our purpose, improving lives one relationship at a time.”

Murphy said working with Stagner for nearly 20 years was his “honor and a privilege.”

“Steve has been a visionary leader in positioning this organization to become the first truly national specialty mattress retailer and I couldn't be more excited about the opportunity to continue doing so,” he said. “We have a clear path to achieve consistent execution inside our operation by focusing on the front lines, driving efficiencies, redefining high growth and capturing various omni-channel opportunities that will better serve our customers in the future."

Stagner’s position as executive chairman is under a new three-year contract, with a focus on continuing to build strategy and oversee the integration of Sleepy’s, as well as communicating the Mattress Firm story to investors. Stagner has been CEO since 2010, and he oversaw the company's initial public offering in 2011. He also guided Mattress Firm’s growth from $400 million in sales to more than $3.5 billion in pro forma sales in 2015.

"As we evolve our leadership roles, we are taking a natural step toward our ambitious growth goals,” Stagner said. “Together, with our manufacturing partners and 10,000 employees, we are advancing sleep as part of a healthy lifestyle while producing incredible growth as a business."

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