Petco Names Former Five Below CEO Its New Chief Executive
A day after Five Below announced the resignation of its now-former CEO Joel Anderson, Petco has named him its new chief executive officer.
In addition to his tenure at Five Below, Anderson was president and CEO of Walmart.com from 2011 to 2014. Prior, he was senior vice president of Walmart’s Northern Plains division of stores, overseeing more than 100,000 associates and more than $25 billion in annual sales.
"I am excited to join Petco at a pivotal time as we reposition the business for a stronger future," said Anderson, who will take his new position on July 29. "Petco is the leader in pet health and wellness and I see many opportunities to improve performance. I look forward to working closely with the leadership team, and the board of directors to create value for all our stakeholders."
R. Michael Mohan will transition from his current role as interim chief executive officer to chair a new board committee focused on Petco's ongoing value creation initiatives, working with Anderson to ensure a smooth leadership transition and continued execution towards the company's objectives.
"Joel is an inspirational leader and a highly experienced retail CEO," said Glenn Murphy, executive chairman of the Board of Directors. "Over the course of his impressive career, he has demonstrated the ability to build and lead great teams while creating significant shareholder value. I look forward to working closely with him as he leads Petco's initiatives to improve operating and financial results."
