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Petco Health and Wellness Company (Nasdaq: WOOF) has appointed Glenn Murphy as Executive Chairman of the Board of Directors effective immediately.
Murphy will aid in enhancing profitability and driving long-term growth. He will also lead the search for a permanent CEO.
Murphy's extensive retail sector experience includes roles at FIS Holdings, lululemon athletica, Gap, and Shoppers Drug Mart.
As part of his appointment, Murphy has purchased 1,470,589 shares of Petco's Class A common stock for approximately $2.5 million. He will also receive substantial inducement awards including 1,000,000 restricted stock units and stock options for up to 4,250,000 shares.
The Board of Directors will now include eleven members.
Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) will host its first quarter 2024 earnings conference call on May 22, 2024, to review financial and operating performance. The webcast will be available on the Investor Relations page for replay until June 5, 2024.