Petco Health & Wellness Taps Former Gap CEO Murphy as Chair

Dow Jones05-15

By Ben Glickman

Petco Health & Wellness on Tuesday named Glenn Murphy, a former executive at Gap and Lululemon Athletica, as executive chair of its board.

The San Diego-based pet-products retailer said that Murphy is currently chief executive of the investment firm FIS Holdings. He previously served as chair at Lululemon Athletica and as chair and CEO at Gap before founding FIS.

Petco said Murphy had purchased 1.5 million shares for about $2.5 million in connection with his appointment. He will also receive one-time inducement awards in the form of restricted stock units and options.

Murphy will support leadership in the company's push to boost profits and will lead the board's search for a permanent chief executive.

Petco's board will now have 11 members.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 14, 2024 16:14 ET (20:14 GMT)

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