PetMed Express, Inc. Announces Strategic Updates to Executive Leadership Team

Rhea-AI Summary

PetMed Express, parent company of PetCareRx, announced several executive leadership changes to enhance growth and profitability. Caroline Conegliano joins as Chief Operating Officer (COO), leveraging two decades of experience in strategic transformation. Her role aims to optimize operations and customer satisfaction. Umesh Sripad is appointed Chief Digital and Technology Officer, focusing on digital-first strategies to boost customer experience and operational efficiency. Christine Chambers, CFO, will transition out by August 2024. The company is searching for a new CFO while Chambers assists with fiscal year-end reporting.

Positive

• Appointment of Caroline Conegliano as COO to drive operational performance and strategic growth.
• Umesh Sripad's role as Chief Digital and Technology Officer to enhance digital strategies and customer experiences.
• Leadership additions aimed at fostering innovative growth and optimizing customer service.
• Christine Chambers assisting with fiscal 2024 year-end and Q1 2025 reporting during CFO transition.
• Focus on customer experience and satisfaction as a key growth strategy.

Negative

• CFO transition may create uncertainty until a new CFO is appointed.
• Potential disruption in financial operations during the transition period.
• No immediate replacement announced for departing CFO Christine Chambers, raising short-term concerns.

Caroline Conegliano appointed Chief Operating Officer

Umesh Sripad appointed Chief Digital and Technology Officer

Company Announces CFO transition

DELRAY BEACH, Fla., June 03, 2024 (GLOBE NEWSWIRE) -- PetMed Express, Inc., dba PetMeds and parent company of PetCareRx, (Nasdaq: PETS) (the "Company") today announced several changes to its executive leadership team to further advance key initiatives to improve the customer experience, and to accelerate growth and profitability.

Chief Operating Officer

Caroline Conegliano joins PetMeds as Chief Operating Officer (COO), in a newly created role and expansion of the executive leadership team. Ms. Conegliano brings nearly two decades of experience focused on driving strategic transformation within the consumer sector. As COO, she will be responsible for optimizing operational performance across departments, driving strategic initiatives to support the company’s growth and profitability goals, and enhancing customer service and satisfaction.

“Caroline brings an extraordinary blend of strategic vision and operational excellence to our team,” said Sandra Campos, CEO & President of PetMeds and PetCareRx. “Her ability to seamlessly integrate analytical insights with creative solutions along with her proven track record in scaling businesses and fostering innovative growth makes her an invaluable asset. We are thrilled to have her join our team and are confident that her leadership will add incredible value across the organization.”

“It is an exciting time for us to leverage the history of our brands to propel us forward in building a next-generation organization that will deliver exceptional value to our customers and their pets while driving sustainable growth for the company,” said Ms. Conegliano. “I look forward to working alongside an extraordinary team of leaders to drive innovation in an ever-evolving market.”

Chief Digital and Technology Officer

Umesh Sripad joins PetMeds in the newly defined role of Chief Digital and Technology Officer. Mr. Sripad is a seasoned digital business leader and technology evangelist, passionate about product innovation and creating captivating consumer experiences. He will be responsible for leading the development and implementation of digital-first strategies that enrich the customer experience while driving commerce and loyalty, ensuring reliability, performance, and security of all IT systems and infrastructure.

“Umesh’s expertise in driving successful technology implementations and creating seamless customer experiences will significantly enhance our operational efficiency and effectiveness,” said Sandra Campos, CEO & President of PetMeds and PetCareRx. “His strategic vision, aligned with our business goals, combined with his strong analytical and problem-solving skills, will add immense value to our team. Umesh's results-driven and customer-focused approach is exactly what we need to continue advancing our growth and innovation initiatives.”

“I am thrilled to join the dynamic team at PetMeds. Our mission is clear: to revolutionize the pet pharmaceutical and commerce landscape through innovative digital strategies and technology solutions,” said Mr. Sripad. “Together, we look to create seamless customer experiences, and enhance online experiences and interactions, to drive growth and greater value for our customers. I can’t wait to embark on this exciting journey together.”

CFO Transition

The Company and Christine Chambers, Chief Financial Officer, Treasurer and Secretary, have entered into a transition and separation agreement under which Ms. Chambers will leave the Company in early August 2024 after the Company has filed its first quarter fiscal 2025 report. The Company has initiated a comprehensive search for its next CFO, and in the meantime Ms. Chambers will continue in her current role including finalizing the Company’s fiscal 2024 year-end, and first quarter fiscal 2025 reporting and filings, and she will assist in the transition to the new CFO. The planned transition is not connected to any concerns related to the Company’s fiscal 2024 financial results, which will be reported on June 11, 2024.

“On behalf of the Board and management team, I would like to thank Christine for her leadership and her contributions to PETS,” said Sandra Campos, CEO & President of PetMeds and PetCareRx. “We appreciate that she will remain available to assist with our upcoming fiscal 2024 financial earnings release and wish her well in her future endeavors.”

About Caroline Conegliano

Ms. Conegliano brings nearly two decades of experience focused on driving strategic transformation within the consumer sector. Her multifaceted career, spanning finance, luxury, tech, and venture capital, showcases her unique blend of analytical prowess and creative innovation. Caroline’s journey began as a Private Banker at J.P. Morgan and an Institutional Asset Manager at BlackRock, setting the stage for her unwavering commitment to customer-centric excellence that helped propel her to key roles at Phillips, a global luxury auction house, where she led cross-functional initiatives and cultivated strategic partnerships. Ms. Conegliano’s tenure at Primary Ventures as a leader in market development underscores her dedication to forging robust business partnerships and go-to-market strategies, directly driving revenue growth for Primary’s portfolio of e-commerce enablement technologies. As the Founder of the Digital Executive Network (DEN), Caroline envisioned and established a global community connecting retail executives with cutting-edge technologies within the venture capital ecosystem. Under her stewardship, DEN has blossomed into a global brand with over 1,400 members, ranging from disruptive startups to Fortune 500 companies.

About Umesh Sripad

Mr. Sripad is a seasoned digital business leader and technology evangelist, known for his passion for product innovation and creating captivating consumer experiences. His career showcases a blend of strategic acumen and tactical execution, driving successful transformations and technological advancements across the consumer and media sectors. Mr. Sripad most recently served as the Chief Product Officer at PureRed, where he led product and technology teams, driving innovation across PureRED’s proprietary PR1 platform, which services America’s top grocery and drugstore chains. Previously, he was the SVP and Chief Digital Officer at Bed Bath & Beyond, overseeing digital initiatives across all banners. As the Chief Digital Officer at IKEA USA, he was the first employee focused on e-commerce and was instrumental in scaling the business from $50 million in annual revenues to [over] $2 billion by leading product, marketing, data, technology, and operations.   Sripad’s leadership journey also includes roles at Overstock, CNN Digital, The Weather Company (an IBM Business), and APN News and Media. He frequently speaks at Product School and has delivered keynotes at multiple conferences.

About PetMed Express, Inc.

Founded in 1996, PetMeds is a leader in pioneering the digital pet pharmacy industry. As a national online retailer, PetMeds.com and PetCareRx.com are top choices for delivering preventive and chronic symptom prescriptions and OTC medications and products through their thousands of veterinary partners and a loyal customer base. Leveraging telehealth and insurance partnerships, they offer unparalleled value and convenience to pet parents at every stage of their pets' lives, whether dogs, cats, or horses. PetMeds and PetCareRx provide a comprehensive range of medications, food products, and essential supplies through their websites, www.PetMeds.com and www.PetCareRx.com.

Forward Looking Statement
This press release may contain “forward-looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in the Company’s Annual Report on Form 10-K/A for the year ended March 31, 2023. The Company’s future results may also be impacted by other risk factors listed from time to time in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and periodic filings on Form 8-K. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements, other than as may be required by law. If the Company does update one or more forward-looking statements, no inference should be made that the Company will make additional updates with respect to those or other forward-looking statements.

Investor Contact:
ICR, LLC
John Mills
(646) 277-1254
Reed Anderson
(646) 277-1260
investor@petmeds.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ddf1c2e-154c-49a5-9cde-f42b52a17601

https://www.globenewswire.com/NewsRoom/AttachmentNg/9fb54e46-eb26-4a28-958c-882bd38b3ab5

FAQ

Who is the new COO of PetMed Express?

Caroline Conegliano has been appointed as the new Chief Operating Officer of PetMed Express.

When is Christine Chambers leaving her role as CFO?

Christine Chambers will leave her role as CFO in early August 2024.

What is the role of Umesh Sripad at PetMed Express?

Umesh Sripad has been appointed as the Chief Digital and Technology Officer, focusing on digital strategies and customer experience.

What are the recent executive changes at PetMed Express?

PetMed Express appointed Caroline Conegliano as COO and Umesh Sripad as Chief Digital and Technology Officer, with CFO Christine Chambers set to depart in August 2024.

Why is there a CFO transition at PetMed Express?

The company and Christine Chambers have agreed on a transition and separation, with Chambers staying to assist in the transition and fiscal reporting.