Petco CEO Ron Coughlin Announces Departure, R. Michael Mohan Named Interim Chief Executive
In a surprising announcement, Petco CEO Ron Coughlin revealed that he will be stepping down from his position, with board member R. Michael Mohan set to take over as interim chief executive. Coughlin will be staying on as an advisor to the board to ensure a smooth transition during this period of change.
Reflecting on his time at Petco, Coughlin expressed pride in the work that has been done over the last five years. Under his leadership, the company has seen significant growth and success in the pet care industry.
Mohan, who has been on the company’s board since March 2021, brings a wealth of experience to his new role. He previously served as chief operating officer and president of Best Buy, showcasing his ability to lead and drive growth in a competitive retail environment.
Despite the leadership change, Petco reported fiscal fourth-quarter results that met expectations. Earnings per share came in at 2 cents adjusted, in line with expectations, while revenue reached $1.67 billion, exceeding the expected $1.62 billion.
However, the company did report a net loss of $22.6 million for the quarter ended Feb. 3, a decrease from the net income of $32.7 million reported a year earlier. Sales did show a positive growth, rising to $1.67 billion, up approximately 6% from the previous year.
As Petco looks towards the future under the guidance of Mohan, there is optimism for continued success and growth in the pet care industry. With a strong foundation laid by Coughlin, the company is well-positioned for further advancements and achievements in the coming years.
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