PetMed Express Appoints Matt Hulett, Former Rosetta Stone President, as CEO & President, and Member of the Board of Directors

Rhea-AI Summary

PetMed Express (NASDAQ: PETS) has appointed Matt Hulett as its new CEO and President, effective immediately. Hulett, a technology executive with over 30 years of experience, previously worked at Rosetta Stone and Expedia, focusing on digital consumer growth. Board Chairman Dr. Gian Fulgoni highlighted Hulett's expertise in technology and digital transformation, anticipating positive impacts on PetMeds' growth in the expanding digital pet pharmacy market. Hulett expressed excitement about the potential for PetMeds to capitalize on the $100 billion pet market, aiming for strong growth.

Positive

• Appointment of Matt Hulett as CEO brings over 30 years of digital consumer experience.
• Potential to leverage technology for growth in the $100 billion pet market.
• Hulett's past success in delivering shareholder value through digital transformation.

Negative

• Concerns about continuity and experience gaps with a new CEO.

DELRAY BEACH, Fla., Aug. 31, 2021 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS), America's Most Trusted Pet Pharmacy, today announced the appointment of Matt Hulett as its Chief Executive Officer and President, and member of the Board of Directors.

Hulett is a seasoned technology executive with more than 30 years of experience building and leading world-class digital consumer companies. Hulett has helped lead the growth of companies in both the private and public sectors, including Rosetta Stone, Expedia, and RealNetworks, as a public company president as well as a private company CEO. As President of Rosetta Stone, Hulett was responsible for driving the transformation and growth for all aspects of the company's language business, which resulted in two liquidity events, each of which delivered substantial shareholder value.

“Matt brings deep experience in using technology to delight customers as well as a wealth of knowledge gained from leading numerous digital transformations,” said Dr. Gian Fulgoni, Board Chairman. “As the market for digital pet pharmacy and healthcare continues to grow, we look forward to seeing Matt leverage PetMeds’ many assets and seeing our business flourish under his leadership.”

Matt Hulett commented, “I am very excited about the future of PetMeds. Not only is the pet market huge at $100 billion in annual sales with 67 percent of US households owning pets, but PetMeds has established itself as a trusted leader in providing critical healthcare to much-loved pets everywhere for over 25 years. I look forward to leading the company, as it builds on its solid and profitable foundation and enters new markets to generate strong growth in the years ahead. Speaking from experience as a pet parent, pets provide important physical and mental health benefits to individuals and to society as a whole, and I am deeply committed to growing businesses that provide meaningful social impact.”

Founded in 1996, PetMed Express is America’s Most Trusted Pet Pharmacy ®, providing prescription and non-prescription pet medications and other health products for dogs, cats, and horses at competitive prices direct to the consumer through its website at www.petmeds.com and through its 1-800-PetMeds toll free number.

This press release may contain “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission, that involve a number of risks and uncertainties, including the Company’s ability to meet the objectives included in its business plan. Important factors that could cause results to differ materially from those indicated by such “forward-looking” statements are set forth in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the PetMed Express Annual Report on Form 10-K for the year ended March 31, 2021. The Company’s future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-Q and its Annual Report on Form 10-K.

For investment relations contact PetMed Express, Inc., Bruce S. Rosenbloom, CFO, 561-526-4444.

FAQ

What are the qualifications of PetMed Express's new CEO, Matt Hulett?

Matt Hulett has over 30 years of experience in technology and digital consumer companies, having previously led Rosetta Stone and worked at Expedia.

When did Matt Hulett become CEO of PetMed Express?

Matt Hulett was appointed as CEO and President of PetMed Express on August 31, 2021.

What does the appointment of Matt Hulett mean for PetMed Express?

Hulett's appointment is expected to drive growth and enhance PetMeds' position in the expanding digital pet pharmacy market, leveraging his technology expertise.

What is the size of the pet market that PetMed Express operates in?

The pet market is valued at approximately $100 billion in annual sales.

What impact may Matt Hulett's leadership have on PetMed Express's future?

Hulett's leadership is anticipated to bring fresh perspectives and drive strong growth, building on PetMeds' solid foundation.