(PRESS RELEASE) SAN DIEGO — Petco (Nasdaq: WOOF), the retailer “where the pets go” to find everything they need to live their best lives, announced the successful closing of the previously announced long-term debt refinancing and the transition of Glenn Murphy, Executive Chairman of Petco, to Chairman of the Board of Directors, effective February 1.
Joel Anderson, Petco’s Chief Executive Officer, said, “Glenn has been extremely supportive over the last year and a half, and I am grateful for his leadership during a period of great transformation for the company. I am proud of what we’ve accomplished to date. Notably, we have strengthened Petco’s economic model and retail operating fundamentals, resulting in significant improvement in profitability and cashflow. Additionally, with the successfully executed refinancing transaction which closed today, we are marching towards the company’s goal of reduced leverage and greater financial flexibility. I look forward to partnering with Glenn in his role as Chairman of the Board as we take action to return to offense and drive sustainable profitable growth.”
“Since assuming the role of Executive Chairman in May 2024, the team has successfully transformed and positioned the company for its next phase of growth,” said Glenn Murphy. “With a seasoned and proven team now in place, the time is right for my transition to the Chairman role. Under Joel’s executive leadership, and with the support from the Board, I am confident in the entire team’s ability to execute on the growth potential ahead for Petco.”
About Petco
We’re proud to be “where the pets go” to find everything they need to live their best lives for more than 60 years — from their favorite meals and toys, to trusted supplies and expert support from people who get it, because we live it. We believe in the universal truths of pet parenthood — the boundless boops, missing slippers, late night zoomies and everything in between. And we’re here for it. Every tail wag, every vet visit, every step of the way. We nurture the pet-human bond in the aisles of more than 1,500 Petco stores across the U.S., Mexico and Puerto Rico. Customers experience our exclusive selection of pet care products, services, expertise and membership offerings in stores and online at petco.com, and on the Petco app. In 1999, we founded Petco Love. Together, we support thousands of local animal welfare groups nationwide and have helped find homes for over 7 million animals through in-store adoption events.
