Michael Mohan Becomes Interim CEO at Petco as Ron Coughlin is Stepping Down

Petco, in a recent announcement, revealed a significant leadership transition. Ron Coughlin, the incumbent CEO, is gracefully stepping down from his position. In his place, R. Michael Mohan, a distinguished board member and former executive at Best Buy, will take on the role of interim chief executive while the company diligently searches for a permanent successor.

Coughlin, in his new capacity, will extend his expertise as an advisor to the board, facilitating a smooth transition of leadership. Reflecting on his tenure, he expressed pride in the transformative work accomplished during his five-year tenure, highlighting the establishment of a distinctive business model geared towards delivering excellence for pets.

Mohan, a seasoned figure within the retail landscape, has been a part of Petco’s board since March 2021. With a wealth of experience, including his prior roles as Chief Operating Officer and President at Best Buy, Mohan emerges as a fitting candidate to steward Petco through this transition period.

Commenting on Mohan’s appointment, Petco board member Cameron Breitner commended his extensive track record and deep understanding of the company, underscoring his capability to ensure a seamless continuation of operations.

In addition to this leadership shuffle, Petco disclosed its fiscal fourth-quarter results, aligning closely with market expectations. Despite a net loss of $22.6 million for the three-month period ending Feb. 3, or 8 cents per share, the company’s sales demonstrated resilience, climbing to $1.67 billion, marking a notable 6% increase from the previous year’s figures.

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