April 19, 2024
Ron Coughlin (heart). Picture by way of @RCoughlinPetco X

Petco‘s CEO is stepping down and a seek for a everlasting alternative is underway, the San Diego-based firm introduced Wednesday.

Ron Coughlin, who has served as CEO since 2018, can also be stepping down as chairman and a member of the corporate’s board of administrators. Petco says he’ll function an adviser throughout its management transition.

“Working with our wonderful companions by a interval of large change and development has been the chance of a lifetime,” Coughlin mentioned in an announcement. “I’m happy with the differentiated enterprise mannequin we’ve constructed that delivers the easiest for pets, which positions the corporate nicely for the longer term.”

R. Michael Mohan will function interim CEO. Mohan has been on the Petco board since March of 2021 and was previously Greatest Purchase’s president and chief working officer.

“Mike’s extremely profitable observe file throughout a number of segments of the retail business, deep information of Petco and powerful operational expertise make him the best government to make sure a seamless transition as Petco strikes ahead,” mentioned Cameron Breitner, a member of the Petco Board of Administrators.

Breitner additionally credited Coughlin with “establishing and rising many elements of our 360-degree pet ecosystem, considerably growing Petco’s revenues, and main the corporate by its IPO whereas all the time placing our folks first.”

Petco’s shares rose 9% with Wednesday’s announcement, in keeping with CNBC, which reported the management change comes at a time when the pet business is experiencing a slowdown following the pandemic period increase of pet adoptions.

Metropolis Information Service contributed to this text.