After depressed stock prices this fiscal year, Petco CEO Ron Coughlin steps down
March 13 (UPI) -- Petco announced Wednesday that CEO Ron Coughlin has left the company.
"Ron Coughlin has stepped down as Petco's chief executive officer, chairman and member of the board of directors. He will serve as an adviser to the board to support the leadership transition," Petco said in a press release Wednesday.
Coughlin had served as CEO since 2018.
Petco's stock has dropped by about 19% since the start of the fiscal year but it rose 9% on Wednesday's announcement, according to CNBC.
"On behalf of the board, we are deeply grateful for Ron's many contributions to Petco over the past five years," said Petco Board of Directors member Cameron Breitner.
Coughlin will be replaced by Petco board member and current Lead Independent Director R. Michael Mohan, who will serve as interim CEO.
"The board is conducting a comprehensive search for a permanent CEO with the support of a leading global executive search firm," the company said.
Petco says Mohan has helped launch new business initiatives at over 1,000 stores.
"Mohan is a highly accomplice and seasoned retail leader who has served on the Petco Board since March 2021," Petco said.
