Pet specialty retail chain Petco announced that current CEO Jim Myers will be retiring. Brad Weston, the company’s current president and chief merchant, will succeed him. Weston’s appointment becomes effective February 1, 2017. Petco is owned by CVC Capital Partners and Canada Pension Plan Investment Board.
SAN DIEGO, Sept. 27, 2016 /PRNewswire/ — Petco today announced that Chairman and CEO, Jim Myers, a 26-year company veteran and CEO since 2004, will be retiring. As part of Petco’s long-term succession plan, company President and Chief Merchant, Brad Weston, who joined Petco in 2011, will succeed Myers as CEO as of February 1, 2017.
Myers joined Petco in 1990 and has been a key leader in building and growing the company from a regional player into a leading national pet specialty retail chain with more than 1,470 Petco and Unleashed by Petco stores in the U.S., Mexico and Puerto Rico. Petco also boasts a rapidly growing online business through Petco.com and Drs. Foster & Smith, the leading veterinary-operated pet product supplier of prescription services and pet supplies.
“I am tremendously proud of the entire Petco team and all we’ve accomplished during the last 26 years,” said Myers. “We’ve assembled one of the strongest leadership teams in the industry and together we’ve built a great brand and a very clear strategy that informs our long-term objectives and priorities.”
Myers continued, “There is no one better than Brad to lead Petco as we continue to be pet parents’ trusted partner of choice, and continue to evolve and grow as a leader in the pet specialty business. I look forward to serving the company in an advisory capacity and as a board member going forward.”
As President and Chief Merchant, Weston has been responsible for driving the company’s overall business strategy, operations and merchandising activities, as well as marketing and e-commerce. Prior to joining Petco, he held senior leadership roles at Dick’s Sporting Goods, May Merchandising Company and Robinsons-May.
Christopher Stadler, Managing Partner of CVC Capital Partners (CVC), commented, “Petco’s bright future is due in large part to Jim Myers’ vision, dedication and hard work. Under his leadership, the company has experienced significant growth, and as the retail landscape has evolved, Jim has created a great foundation from which Petco will continue to grow. All stakeholders of Petco owe a huge debt of gratitude to Jim for all he’s done to make Petco the pet parents’ trusted partner of choice.”
Cameron Breitner, Partner of CVC, added, “A key factor in the decision that we and CPPIB made to invest in Petco last year was its strong bench of leadership talent to drive future growth. In his five years with Petco, Brad Weston has clearly proven his ability to lead Petco forward in its ongoing commitment to meet the needs of pet parents across all demographics and expand in new and innovative ways. We are very glad that Jim Myers will remain an important part of Petco’s future and are excited for Brad as he takes this step forward.”
“I couldn’t be more excited about the incredible opportunities that lie ahead for Petco and our more than 25,000 Petco Partners across the company,” said Weston. “We’ve come a long way over the past 50 years and I look forward to working closely with our partners, vendors and other stakeholders to continue supporting pet parents with the very best in products, services and solutions for better lives together.”
For more information about Petco or to find a location near you, visit petco.com.
About Petco and the Petco Foundation
With more than 50 years of service to pet parents, Petco is a leading pet specialty retailer that focuses on nurturing powerful relationships between people and pets. We do this by providing the products, services, advice and experiences that keep pets physically fit, mentally alert, socially engaged and emotionally happy. Everything we do is guided by our vision for Healthier Pets. Happier People. Better World. We operate more than 1,470 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico; prescription services and pet supplies from the leading veterinary-operated pet product supplier, Drs. Foster & Smith; and petco.com. The Petco Foundation, an independent nonprofit organization, has invested more than $167 million since it was created in 1999 to help promote and improve the welfare of companion animals. In conjunction with the Foundation, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, help find homes for more than 400,000 animals every year.
About CVC Capital Partners
CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and approximately 340 employees throughout Europe, Asia and the U.S. To date, CVC has secured commitments of more than US$65 billion from some of the world’s leading institutional investors across its European and Asian private equity, strategic opportunities and growth funds. In total, CVC currently manages over US$33 billion of assets. Today, funds managed or advised by CVC are invested in 51 companies worldwide, employing c.330,000 people in numerous countries. Together, these companies have combined annual sales of over US$90 billion.
For further information about CVC please visit: www.cvc.com
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 19 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2016, the CPP Fund totalled C$287.3 billion.
For more information about CPPIB, please visit www.cppib.com.