PetSmart, Inc. announced on August 10, 2017, that Michael J. Massey has stepped down from his position as Chief Executive Officer, President and Board Member.
The Board of Directors has accepted his resignation, and Raymond Svider will serve as Executive Chairman to oversee the Company’s operations with the senior leadership team. The Board has initiated a search for Massey’s replacement.
Massey joined PetSmart as CEO when it went private in 2015 and has led the company through a critical phase of strategic transformation, creating strong growth and profitability.
“It has been an honor to work in partnership with BC Partners and the incredibly talented PetSmart team,” said Massey in a press release. “I am pleased that, in such a short time, we have achieved the operating goals we set out at the acquisition of PetSmart to create a highly profitable and fast growing retailer that leads both in brick and mortar and online, which is unique in retail. With the structural changes achieved, I believe PetSmart is well positioned for the future and will continue to be the trusted partner to pet parents and pets.”
PetSmart operates more than 1,500 pet stores in the US, Canada and Puerto Rico, as well as more than 200 in-store PetSmart PetsHotel dog and cat boarding facilities. In April 2017, PetSmart made industry news when it entered into an agreement to acquire Chewy, Inc., an online pet food and products retailer. The acquisition closed at the end of PetSmart’s second fiscal quarter of 2017.
“On behalf of the Board, we thank Michael for leading PetSmart through a period of transformation and growth, uniquely positioning the Company to lead in the growing pet industry and outperform in the specialty retail category,” said Raymond Svider, a managing partner at BC Partners, in a press release. “Michael was instrumental in creating an efficient, customer-focused retail organization and developing the company’s growth strategy. This includes the recent acquisition of Chewy, making PetSmart the leading brick and mortar and online retailer in the industry. We respect Michael’s decision and are grateful for his many achievements while CEO of PetSmart,” said Svider.
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