SAN DIEGO (CNS) - Petco's CEO is stepping down and a search for a permanent replacement is underway, the San Diego-based company announced Wednesday.
Ron Coughlin, who has served as CEO since 2018, is also stepping down as chairman and a member of the company's board of directors. Petco says he will serve as an adviser during its leadership transition.
``Working with our amazing partners through a period of tremendous change and growth has been the opportunity of a lifetime," Coughlin said in a statement. ``I am proud of the differentiated business model we've built that delivers the very best for pets, which positions the company well for the future."
R. Michael Mohan will serve as interim CEO. Mohan has been on the Petco board since March of 2021 and was formerly Best Buy's president and chief operating officer.
"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, a member of the Petco Board of Directors.
Breitner also credited Coughlin with ``establishing and growing many aspects of our 360-degree pet ecosystem, significantly increasing Petco's revenues, and leading the company through its IPO while always putting our people first."
Petco's shares rose 9% with Wednesday's announcement, according to CNBC, which reported the leadership change comes at a time when the pet industry is experiencing a slowdown following the pandemic era boom of pet adoptions.
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