HOUSTON, Texas — Mattress Firm, Inc., the nation’s largest specialty mattress retailer, announced that Ken Murphy will step down as CEO and President and Steve Stagner, Executive Chairman and Chairman of the Board, will assume the additional responsibilities of CEO effective March 1. The joint decision by Mr. Murphy and the Board of Directors reflects the need for a singular voice of leadership for the Company as it navigates the next phase of its growth story.
Mr. Stagner, who has been with Mattress Firm for more than 20 years and served as CEO from February 2010 to March 2016 will assume direct leadership of operations of the Company. He guided the Company through the “Great Recession” in 2008 and 2009, and oversaw Mattress Firm’s successful initial public offering in 2011. Additionally, he led the Company through periods of rapid growth, driving the Company from $400 million in sales to over $3 billion today. Mr. Stagner has extensive experience in the bedding industry, including employment with mattress manufacturers Sealy Corporation and Simmons Bedding Company, as well as owning and operating the largest franchisee in the Mattress Firm network prior to joining the corporate office in 2005.
Mattress Firm announced in December plans to close about 200 underperforming stores.
Mattress Firm currently has about 3,400 stores nationwide.