Former CEO of Five Below to take reins at Petco
Petco Health and Wellness Company has ended its months-long search for a new chief executive.
The pet supplies and services retailer has named Joel D. Anderson as CEO and board member, effective July 29, 2024. The appointment was announced late Wednesday afternoon, hours after Five Below said Anderson had stepped down as chief executive “to pursue other interests.”
Anderson joined Five Below as CEO in 2015. He led the company's U.S. expansion from 366 to over 1,500 stores and e-commerce site launch, optimized operations, expansion into new categories, and drove revenue growth from $500 million to more than $3.5 billion.
Anderson previously served for three years as the president and CEO of Walmart.com, leading the business unit from 2011 to 2014. For four years before that, he was divisional senior VP of the Northern Plains division of Walmart stores.
"Joel is an inspirational leader and a highly experienced retail CEO," said Glenn Murphy, executive chairman. "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."
Petco has been on the hunt for a new CEO since March, when Ron Coughlin, stepped down as chief executive, chairman and board member after a disappointing quarter. He had led Petco since June 2018.
Upon Coughlin’s departure, board member and former longtime Best Buy executive R. Michael Mohan was tapped as interim CEO. Petco said that Mohan will transition from interim chief on July 29 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.
"On behalf of the board of directors, I extend our deepest gratitude to Mike for his dedication and leadership," Murphy said. "He has made a meaningful impact as our interim CEO over the past few months, effectively stabilizing our operations and setting us on the path for continued improvements in performance."
In a statement, Anderson said he was excited to join Petco “at a pivotal time as we reposition the business for a stronger future.”
"Petco is the leader in pet health and wellness and I see many opportunities to improve performance," he said.
Petco operates more than 1,500 stores across the U.S., Mexico and Puerto Rico, which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics.
