Petco announced Wednesday that the company’s board of directors has appointed Joel D. Anderson to serve as CEO, effective July 29.
In addition, Anderson has been elected to serve on the board of the company, formally known as Petco Health and Wellness Company Inc. (Nasdaq: WOOF).
“Joel is an inspirational leader and a highly experienced retail CEO,” said Glenn Murphy, executive chairman of the board. “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.”
R. Michael Mohan, formerly Best Buy’s president and chief operating officer, will transition from his current role as interim Petco CEO to chair a new board committee focused on the company’s ongoing value creation initiatives.
Mohan took over for Ron Coughlin, who stepped down in March after being Petco’s CEO since 2018. He also gave up the role of chairman and his board seat.
Anderson, with over 30 years of industry experience, most recently served as CEO of Five Below Inc. where he led the company’s U.S. expansion to over 1,500 stores and the launch of its eCommerce site. The firm, a discount store chain, significantly increased productivity, expanded into new categories, and drove revenue growth from $500 million to more than $3.5 billion.
Anderson previously served as 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.
Petco’s stock finished the day at 3.73, up 4.48%. Five Below’s Stock fell sharply on news of Anderson’s departure.
“I am excited to join Petco at a pivotal time as we reposition the business for a stronger future,” Anderson said. “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.”
