Joe Megibow will take over immediately as CEO of Casper Sleep Inc., the retailer announced Friday. Megibow previously worked as the CEO of rival mattress company Purple, which he left in 2021.
“No other mattress brand has cultivated the level of customer trust and love that Casper has, and it’s our time to leverage this unique position,” Megibow said in a statement. “This is the sleep brand pioneer that disrupted the industry, creating unmatched brand awareness in a sleepy category with a strong focus on innovative products that support our passion for sleep health. With recent investment from strategic partnerships, Casper is well capitalized and poised for significant growth.”
Megibow replaces outgoing CEO Emilie Arel, who started at Casper in 2019 as president and chief commercial officer. She became CEO in 2020. Arel will stay on through March to transition Megibow into the role, Casper said.
Casper is No. 143 in the 2023 Digital Commerce 360 Top 1000, a ranking of North America’s leading retailers by online sales. Purple ranks No. 250.
Who is Casper’s new CEO?
Megibow spent nearly four years at Casper’s rival mattress brand, Purple. He was CEO for three of those years.
More recently, he served as CEO of wine discovery platform Bright Cellars. He also worked as a vice president and general manager at Expedia, and as chief digital officer at American Eagle Outfitters (No. 54 in the Top 1000) from 2012 to 2015, according to his LinkedIn profile.
“Looking back to 2018, when I joined Purple, there was only one competitor to watch, which was Casper,” Megibow said in a LinkedIn announcement of his new role. “Casper had disrupted the category and built a brand with customer recognition we could only dream about. And here I am, 5 years later, with the opportunity to steward the best brand in the category and take it to new levels. I’m thrilled.”
What’s next for Casper?
Megibow’s announcement comes ahead of a new line of mattresses for Casper.
Meanwhile, home goods and furniture retailers faced a tough environment in recent months. Furniture and home improvement were among the weakest categories in December sales, according to the U.S. Commerce Department. Data from the National Retail Federation found the same trend.
Last week, online furniture retailer Wayfair (No. 10) announced plans to cut 1,650 workers. That’s 13% of its total workforce and 19% of corporate workers. The news came just weeks after CEO Niraj Shah announced the business had become profitable again.
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