Petco Appoints Joel Anderson as New CEO, Shares Rise

Former Five Below chief brings extensive retail experience to lead Petco's revitalization efforts.

Joel Anderson will assume the role of CEO at Petco starting July 29.
Petco's stock increased following the announcement, while Five Below's stock dropped significantly.
Anderson previously led Five Below's expansion and revenue growth.
He succeeds interim CEO R. Michael Mohan, who will now chair a new board committee.
Analysts view Anderson's appointment as a critical step in Petco's turnaround strategy.