Pets At Home has appointed James Bailey, former managing director of Waitrose, as its new chief executive. The pet retailer ended a three-month search for leadership after Lyssa McGowan quit abruptly in September amid profit warnings and sliding sales.
Bailey will assume the role on March 30. Chairman Ian Burke, who took interim helm after McGowan's departure, will revert to non-executive chairman.
The new CEO steered Waitrose through the pandemic and food price inflation during his more than five-year tenure as managing director, which ended in August. Before that, he spent 20 years in senior roles at Sainsbury's, including as grocery buying director.
Company faces financial struggles
Pets At Home is battling to reverse its fortunes after a series of profit warnings. Half-year results published in November showed profits tumbled by more than a third.
The retail business saw underlying earnings plummet by 84%, despite resilient performance from the company's vet chain. Burke warned last month that the company needed "urgent and necessary" measures, with plans to reduce overheads by around £20 million.
Leadership transition
The chairman expressed confidence in the appointment. "Following an extensive search process, the board believes James's experience aligns well with the group's ambitions for the coming years. His strong retail leadership skills will support the ongoing focus on improving Pets At Home's retail business, with significant operational and commercial experience leading both stores and online operations," Burke stated.
Bailey described Pets At Home as "a business I've admired for a long time and one I believe has a very bright future".
The new CEO will earn a base salary of £639,770. He is eligible for an annual bonus of up to 170% of salary and a potential annual share award of 250% of salary, subject to shareholder approval of the firm's new pay policy at next year's Annual General Meeting in July.
Note: This article was created with Artificial Intelligence (AI).
