30-Year Retail Industry Veteran Named Chief
Executive Officer and Member of the Board of Directors
R. Michael Mohan
to Lead a New Board Committee Focused on Value Creation
SAN
DIEGO, July 17, 2024 /PRNewswire/ -- Petco Health
and Wellness Company, Inc. (Nasdaq: WOOF) today announced that the
Company's Board of Directors has appointed Joel D. Anderson to serve as Chief Executive
Officer (CEO), effective July 29,
2024. In addition, Anderson has been elected to serve on the
Company's Board of Directors.
"Joel is an inspirational leader and a highly experienced retail
CEO," said Glenn Murphy,
Executive Chairman of the Board of Directors. "Over the course
of his impressive career he has demonstrated the ability to build
and lead great teams while creating significant shareholder value.
I look forward to working closely with him as he leads Petco's
initiatives to improve operating and financial results."
"I am excited to join Petco at a pivotal time as we reposition
the business for a stronger future," said Joel Anderson. "Petco is the leader in pet
health and wellness and I see many opportunities to improve
performance. I look forward to working closely with Glenn, the
leadership team, and the Board of Directors to create value for all
our stakeholders."
R. Michael Mohan will transition
from his current role as interim Chief Executive Officer on
July 29, 2024 to chair a new Board
committee focused on Petco's ongoing value creation initiatives,
working with Anderson to ensure a smooth leadership transition and
continued execution towards the company's objectives.
"On behalf of the Board of Directors, I extend our deepest
gratitude to Mike for his dedication and leadership," Murphy
continued. "He has made a meaningful impact as our interim CEO over
the past few months, effectively stabilizing our operations and
setting us on the path for continued improvements in
performance."
About Joel D. Anderson
Anderson is a highly accomplished retail leader with over
30 years of industry experience with a proven track record of value
creation as a public company CEO. He brings deep operational
discipline, merchandising skills, and branding expertise and has a
passion for leadership development while building strong cultural
tenets. Most recently, Anderson served as the CEO of Five Below,
Inc. where he led the company's U.S. expansion from 366 to over
1,500 stores and eCommerce site launch, optimized operations,
significantly increased productivity, expanded into new categories,
and drove revenue growth from $500
million to more than $3.5
billion.
Anderson previously served for three years as the President and
CEO of Walmart.com, leading the multi-billion dollar dot com
business unit from 2011 to 2014, and for four years before that as
divisional Senior Vice President of the Northern Plains
division of Walmart stores, overseeing over 100,000 associates and
more than $25 billion in annual
sales. Anderson currently serves as a director of Sprouts
Farmers Market and is a member of the audit and compensation
committees.
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, an independent
nonprofit 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.