Petco appoints new Executive Chairman to the Board

Petco has announced Glenn Murphy as its new Executive Chairman of the Board of Directors. He will support the firm’s leadership team in their efforts to drive profitability and long-term growth and help in the search for the retailer’s permanent Chief Executive Officer.

Until recently, Murphy was CEO of Toronto-based consumer-focused investment firm FIS Holdings. Previously, he was the Board Chairman and held executive leadership positions at clothes companies Lululemon Athletica and GAP, as well as at the Canadian pharmacy chain Shoppers Drug Mart.

“I have built conviction that there are many tangible opportunities to improve near-term operating and financial performance and deliver attractive long-term growth,” he says. 

“His experience driving profitable growth through periods of transition will provide great value to Petco’s leadership team and the Board of Directors during this important period for the company,” adds Board Member Cameron Breitner.

Onboarding formalities

As part of his appointment, Murphy has purchased 1.47 million shares of Petco’s Class A common stock for approximately $2.5 million (€2.3M). The holding period for 50% of the shares will end in May 2026, and for the remaining shares, it will end in May 2027.

Murphy will also receive one-time inducement awards, including 1 million restricted stock units and the option to purchase between 3.5 million to 4.25 million shares of Class A common stock with an exercise price between $2.50 (€2.3) and $10 (€9.2).