Petco Names Interim CEO
Petco Health and Wellness Company has named R. Michael (Mike) Mohan as interim chief executive officer, effective March 13. He replaces Ron Coughlin who has stepped down as the company’s chief executive officer, chairman, and member of the board of directors.
The company’s board of directors is conducting a search for a permanent CEO with the support of a leading global executive search firm.
Mohan has served on the Petco board since March 2021 and as lead independent director since July 2021. As the former president and chief operating officer of Best Buy he was responsible for all aspects of global operations, including sales, merchandising, marketing, supply chain management, services, and new business initiatives across more than 1,000 stores and online channels worldwide.
"Mike's highly successful track record across multiple segments of the retail industry, deep knowledge of Petco and strong operational skills make him the ideal executive to ensure a seamless transition as Petco moves forward," said Cameron Breitner, member of the Petco board of directors.
Mohan said, "Petco is a powerful brand with an unparalleled offering that meets every need for pets, providing necessary products and services for these family members each day to support their health and wellness. I have a deep belief in our purpose and I look forward to working with the leadership team and our partners to continue strengthening our business, driving profitability through operational discipline and execution that will improve growth, drive margin and generate cash to create shareholder value.”
In conjunction with his appointment, Mohan stepped down from the board's Audit Committee and has been replaced by current board member Gary Biggs, and also stepped down from the lead independent director role. The board size has also been reduced from 11 to 10 with Coughlin's departure from the board of directors.
