Petco has named former Five Below CEO Joel D. Anderson as its new CEO and a member of its board of directors, effective July 29.
This announcement from the pet care retailer comes a day after Five Below said that it had begun a leadership transition, with Anderson stepping down from his roles of president and CEO at the retailer, and from its board of directors, to pursue other interests.
At Petco, Anderson will succeed R. Michael Mohan, who will transition from his role as interim CEO to chair a new board committee and work with Anderson to ensure a smooth transition, Petco said in a Wednesday (July 17) press release.
Anderson has a 30-year track record as a retail leader and public company CEO, according to the release.
At Five Below, he led the company’s U.S. expansion from 366 to over 1,500 stores, led the launch of its eCommerce site, and drove its revenue growth from $500 million to over $3.5 billion, the release said.
Before joining Five Below, Anderson served for three years as the president and CEO of Walmart.com and for four years as a divisional senior vice president at Walmart stores, per the release.
“Over the course of his impressive career he has demonstrated the ability to build and lead great teams while creating significant shareholder value,” Glenn Murphy, executive chairman of the board of directors at Petco, said in the release. “I look forward to working closely with him as he leads Petco’s initiatives to improve operating and financial results.”
Anderson said in the release: “I am excited to join Petco at a pivotal time as we reposition the business for a stronger future. Petco is the leader in pet health and wellness and I see many opportunities to improve performance.”
Petco began its CEO transition in March, when its then-CEO, Chairman and board member Ron Coughlin stepped down from those roles and was succeeded by interim CEO Mohan.
CNBC reported at the time that while Petco has reported consistent sales growth and results that were in line with analysts’ expectations, Wall Street had grown impatient with the company’s moves.
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