Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) today announced the Company's Board of Directors has appointed R. Michael (Mike) Mohan to serve as Interim Chief Executive Officer, effective today. Ron Coughlin has stepped down as Petco's Chief Executive Officer, Chairman, and member of the Board of Directors. He will serve as an advisor to the Board to support the leadership transition. The Board is conducting a comprehensive search for a permanent CEO with the support of a leading global executive search firm.

Mohan is a highly accomplished and seasoned retail leader who has served on the Petco Board since March 2021 and as Lead Independent Director since July 2021. As the former President and Chief Operating Officer of Best Buy Co., Inc., he was responsible for all aspects of global operations, including sales, merchandising, marketing, supply chain management, services, and new business initiatives across more than 1,000 stores and online channels worldwide.

"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, member of the Petco Board of Directors.

Mohan said, "Petco is a powerful brand with an unparalleled offering that meets every need for pets, providing necessary products and services for these family members each day to support their health and wellness. I have a deep belief in our purpose and I look forward to working with the leadership team and our partners to continue strengthening our business, driving profitability through operational discipline and execution that will improve growth, drive margin and generate cash to create shareholder value. My focus will be on our people, our operations and our customer experience, working together to advance our strategy."

Breitner concluded, "On behalf of the Board, we are deeply grateful for Ron's many contributions to Petco over the past five years. Ron was instrumental in 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."

"Working with our amazing partners through a period of tremendous change and growth has been the opportunity of a lifetime," said Ron Coughlin. "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."

In conjunction with his appointment, Mohan stepped down from the Board's Audit Committee and has been replaced by current Board member Gary Biggs, and also stepped down from the Lead Independent Director role. The Board size has also been reduced from 11 to 10 with Coughlin's departure from the Board of Directors.