R. Michael
Mohan, Previously Lead Independent Director, Appointed
Interim CEO
Ron Coughlin stepped down as CEO,
Chairman and member of the Board of Directors
Search Underway to Identify Permanent
CEO
SAN
DIEGO, March 13, 2024 /PRNewswire/ -- Petco
Health and Wellness Company, Inc. (Nasdaq: WOOF) today announced
the Company's Board of Directors has appointed R. Michael (Mike) Mohan to serve as Interim Chief
Executive Officer, effective today. Ron
Coughlin has stepped down as Petco's Chief Executive
Officer, Chairman, and member of the Board of Directors. He will
serve as an advisor to the Board to support the leadership
transition. The Board is conducting a comprehensive search for a
permanent CEO with the support of a leading global executive search
firm.
Mohan is a highly accomplished and seasoned retail leader
who has served on the Petco Board since March 2021 and as Lead Independent Director since
July 2021. As the former President
and Chief Operating Officer of Best Buy Co., Inc., he was
responsible for all aspects of global operations, including sales,
merchandising, marketing, supply chain management, services, and
new business initiatives across more than 1,000 stores and online
channels worldwide.
"Mike's highly successful track record across multiple segments
of the retail industry, deep knowledge of Petco and strong
operational skills make him the ideal executive to ensure a
seamless transition as Petco moves forward," said Cameron Breitner, member of the Petco Board of
Directors.
Mohan said, "Petco is a powerful brand with an unparalleled
offering that meets every need for pets, providing necessary
products and services for these family members each day to support
their health and wellness. I have a deep belief in our purpose and
I look forward to working with the leadership team and our partners
to continue strengthening our business, driving profitability
through operational discipline and execution that will improve
growth, drive margin and generate cash to create shareholder
value. My focus will be on our people, our operations and our
customer experience, working together to advance our
strategy."
Breitner concluded, "On behalf of the Board, we are deeply
grateful for Ron's many contributions to Petco over the past five
years. Ron was instrumental in establishing and growing many
aspects of our 360-degree pet ecosystem, significantly increasing
Petco's revenues, and leading the company through its IPO while
always putting our people first."
"Working with our amazing partners through a period of
tremendous change and growth has been the opportunity of a
lifetime," said Ron Coughlin. "I am
proud of the differentiated business model we've built that
delivers the very best for pets, which positions the Company well
for the future."
In conjunction with his appointment, Mohan stepped down from the
Board's Audit Committee and has been replaced by current Board
member Gary Biggs, and also stepped
down from the Lead Independent Director role. The Board size has
also been reduced from 11 to 10 with Coughlin's departure from the
Board of Directors.
About Mike Mohan
R. Michael (Mike) Mohan has been
a member of Petco's Board of Directors since March 2021 and served as Lead Independent
Director since July 2021. He also
served on our Audit Committee until his appointment as Petco's
Interim CEO. Previously, Mr. Mohan served as President and Chief
Operating Officer of Best Buy Co., Inc. from June 2019 to July
2021, where he was responsible for the operations of the
company's U.S. and International businesses. From 2004 to
June 2019, he served in various
leadership roles at Best Buy, overseeing services, customer
experience, category management, merchandising, marketing and
supply chain functions. Prior to joining Best Buy, Mr. Mohan was
Vice President and General Merchandising Manager for Good Guys. Mr.
Mohan also previously worked at Future Shop in Canada from 1988 to 1997, prior to Best Buy's
acquisition of the company, where he served in various
merchandising roles. Mr. Mohan also serves as Chairman of the board
of directors of Bloomin' Brands, Inc., and serves on the board of
directors of VIZIO Holding Corp. and Jackson Family Wines.
Media Relations
Benjamin
Thiele-Long benjamin.thiele-long@petco.com
Investor Relations
Cathy Yao cathy.yao@petco.com
About Petco, The Health + Wellness Co.:
Founded in 1965, Petco is a category-defining health and
wellness company focused on improving the lives of pets, pet
parents and our own Petco partners. We've consistently set new
standards in pet care while delivering comprehensive pet wellness
products, services and solutions, and creating communities that
deepen the pet-pet parent bond. We operate more than 1,500 pet care
centers across the U.S., Mexico
and Puerto Rico, which offer
merchandise, companion animals, grooming, training and a growing
network of on-site veterinary hospitals and mobile veterinary
clinics. Our complete pet health and wellness ecosystem is
accessible through our pet care centers and digitally at petco.com
and on the Petco app. In tandem with Petco Love, a life-changing
organization, we work with and support thousands of local animal
welfare groups across the country and, through in-store adoption
events, we've helped find homes for nearly 7 million animals.
Forward-Looking Statements:
This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, concerning expectations, beliefs, plans, objectives,
goals, strategies, future events or performance and underlying
assumptions and other statements that are other than statements of
historical fact. Although Petco believes that the expectations and
assumptions reflected in these statements are reasonable, there can
be no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to many risks and
uncertainties, including, but not limited to, the following: our
ability to successfully manage leadership transition, execute on
our strategy and drive profitability, and the risk factors we
identify in our Securities and Exchange
Commission filings, and actual results may differ materially
from the results discussed in such forward-looking statements.
Petco undertakes no duty to update publicly any forward-looking
statement that it may make, whether as a result of new information,
future events or otherwise, except as may be required by applicable
law, regulation, or other competent legal authority.
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SOURCE Petco Health and Wellness Company, Inc.