Petco Announces Completion of Refinancing and Glenn Murphy’s Transition to Chairman

Petco, the retailer “where the pets go” to find everything they need to live their best lives, today announced the successful closing of the previously announced long-term debt refinancing and the transition of Glenn Murphy, Executive Chairman of Petco, to Chairman of the Board of Directors, effective Feb. 1.

Joel Anderson, Petco’s Chief Executive Officer, said, “Glenn has been extremely supportive over the last year and a half, and I am grateful for his leadership during a period of great transformation for the company.  I am proud of what we’ve accomplished to date.  Notably, we have strengthened Petco’s economic model and retail operating fundamentals, resulting in significant improvement in profitability and cashflow. Additionally, with the successfully executed refinancing transaction which closed today, we are marching towards the company’s goal of reduced leverage and greater financial flexibility.  I look forward to partnering with Glenn in his role as Chairman of the Board as we take action to return to offense and drive sustainable profitable growth.”

“Since assuming the role of Executive Chairman in May 2024, the team has successfully transformed and positioned the company for its next phase of growth,” said Glenn Murphy.  “With a seasoned and proven team now in place, the time is right for my transition to the Chairman role.  Under Joel’s executive leadership, and with the support from the Board, I am confident in the entire team’s ability to execute on the growth potential ahead for Petco.”