CEO of Pets at Home resigns, company announces potential loss in earnings
Pets at Home CEO Departs, Interim Replacement Announced
In a surprising turn of events, Lyssa McGowan, the CEO of Pets at Home, has stepped down from her position effective immediately. The company has announced that Ian Burke, currently the non-executive chair, will take on the role on an interim basis while a permanent successor is sought.
McGowan, who joined Pets at Home in 2022, has a rich leadership background, having spent over a decade at Sky. Prior to her tenure at Pets at Home, she worked at McKinsey & Company and Telewest Broadband. McGowan also held non-executive roles at Morrisons.
In a short statement, McGowan expressed pride in leading Pets at Home, considering the honour a shared one for all its employees. She was particularly proud of the efforts to create a better world for pets and the people who love them. Just three months ago, McGowan was recognised in the King's Birthday Honours for her services to retail.
The news of McGowan's departure comes at a challenging time for Pets at Home. The market growth in pet retail, which the company's previous guidance assumed, has remained subdued, showing a slight decline year to date. This has contributed to a drop in the company's share price, which has fallen by just shy of 30p in the last three hours.
Over the past 12 months, the share price of Pets at Home has dropped significantly, from 302.8p to 200.6p. Despite these challenges, the company remains on track to deliver 10 new practices, 15 extensions, and further profit progress in the current financial year.
Ian Burke, who will serve as executive chair until a permanent successor is appointed, expressed his commitment to maintaining Pets at Home's momentum and ensuring a smooth transition. The current market cap of the business is £915.64m.
In addition, the company has lowered profit expectations for FY26. However, Burke remains optimistic about the future, stating that Pets at Home remains a strong and resilient business with a dedicated team and a clear strategy.
This news marks a significant change for Pets at Home, but with Burke at the helm on an interim basis, the company is well-positioned to navigate these challenges and continue its mission of providing quality pet care products and services to its customers.
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