Pets at Home Group PLC (LON:PETS) CEO, Peter Pritchard, is stepping down as CEO. He will remain “fully engaged in his role as Chief Executive Officer until late May 2022”. Mr Pritchard has been with Pets at Home for eleven years.
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The group also provided a brief update on trading. The positive trends seen at the end of the last financial year have continued. Pets at Home has upped its guidance for full year underlying pre-tax profit, and now expects this to be at the top end of the £128m-£135 range.
The shares fell 3.6% following the announcement.
Pets at Home CEO Quits
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown:
“The market reaction to Pets at Home’s CEO walking away is simple disappointment. Mr Pritchard has overseen an impressive turnaround, and guided the Pet superstore through astonishing growth during the pandemic. However, this is a natural time to walk away. This isn’t a case of a less savoury ousting or running for the hills. The baton being passed onto any successor is in a much better condition than it was, and the wider challenge for the newcomer will be coming up with ways to keep gathering momentum.”
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