PetSmart Announces Planned Management Succession
PetSmart (NASDAQ: PETM) today announced its planned management succession, with current President and Chief Operating Officer David K. Lenhardt assuming the role of Chief Executive Officer, effective June 14, 2013, following the Annual Meeting of Stockholders. Mr. Lenhardt will also be appointed to the Board of Directors at that time. Bob Moran, current Chairman and Chief Executive Officer, will be appointed Executive Chairman.
Mr. Lenhardt, age 43, joined PetSmart in October 2000, as Senior Vice President of Services, Strategic Planning and Business Development. He was appointed Senior Vice President, Store Operations and Services in February 2007, and, in February 2009, became the Senior Vice President, Store Operations and Human Resources. In January 2011, he became Executive Vice President, assuming additional responsibility for Information Systems. He was appointed President and Chief Operating Officer in January 2012. Prior to joining PetSmart, Lenhardt worked at Bain & Company, Inc., as well as in Merrill Lynch & Co.'s investment banking division.
Mr. Moran, age 62, joined PetSmart in July 1999, as President of North American stores. In December 2001, he was appointed President and Chief Operating Officer, and in June 2009, he was named President and Chief Executive Officer. In January 2012, he was appointed Chairman of the Board and retained his title of Chief Executive Officer.
Joseph O'Leary, Executive Vice President of Merchandising, Marketing, Supply Chain and Strategic Planning, will be named President and Chief Operating Officer. O'Leary, age 54, joined PetSmart as Senior Vice President of Supply Chain in September 2006. He was appointed Senior Vice President of Merchandising and Supply Chain in October 2008. In January 2011, he was promoted to Executive Vice President of Merchandising, Marketing, Supply Chain and Strategic Planning.
“During the last several years, we have focused on and invested in strategic succession planning, and as a result, we've assembled what I believe is one of the best leadership teams in retail,” said Moran. “Looking ahead, this planned management succession will allow us to remain focused on executing the strategies that have been key to our success over the past several years. David is the perfect leader with the experience, vision and ability to continue to lead PetSmart through the current economic challenges and toward a strong and sustainable future.”
“Bob has provided his vision and leadership to PetSmart for over 13 years, helping to make it the successful, thriving company it is today,” said Lenhardt. “We will always be grateful for his contributions, and are fortunate he will remain active and valuable as Executive Chairman. Joe has proven to be a strategic leader with the right balance of creativity and foresight to help us maintain our momentum. I'm excited about the future of PetSmart under the leadership of our incredibly experienced, motivated and talented team.”
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.