Petco Announces Leadership Transition, Interim CEO Appointed

Shares rise following the announcement, as the company embarks on a search for a permanent CEO.

Ron Coughlin steps down as Petco's CEO, chairman, and board member, transitioning to an advisory role during the leadership change.
R. Michael Mohan, a seasoned retail leader and Petco board member since March 2021, is appointed as interim CEO.
Petco's shares rose 9% following the announcement of the leadership change, amidst a slowdown in the pet industry after a pandemic boom.
The company is conducting a comprehensive search for a permanent CEO with the support of a leading global executive search firm.
Under Coughlin's leadership, Petco transformed into a health and wellness company, leading to significant revenue growth and a successful IPO.