Petco Stock Rises After Company Hires New CEO from Five Below
- July 19, 2024
Key Takeaways
- Petco announced the hiring of Joel Anderson as CEO late Wednesday afternoon, a move analysts called a “key step in the company’s revitalization.”
- Anderson will join from discount retailer Five Below, shares of which fell on the news.
- Petco shares moved higher Thursday.
Petco ( WOOF ) shares rose Thursday after the pet retailer named Joel Anderson its new chief executive officer.
The announcement landed hours after discount retailer Five Below ( FIVE ) yesterday said Anderson was departing . The news contributed to Five Below shares losing a quarter of their value Wednesday.
Petco shares were recently up more than 3% to a bit under $4. Five Below shares were down another 5%.
Petco Hiring CEO With ‘Wealth of Retail Experience’
Petco said Anderson would start July 29. Wedbush analysts said Thursday that Anderson’s “wealth of retail experience” makes the hire a ” key step in the company’s revitalization,” raising their price target to $5 from $4.
Anderson spent nearly a decade as CEO of Five Below, with several years of experience in a number of executive positions with Walmart ( WMT ) and other retailers.
“I am excited to join Petco at a pivotal time as we reposition the business for a stronger future,” Anderson said in a statement.
Petco’s shares are up more than 20% this year, well off spring lows below $1.50.