SAN DIEGO — Petco Health and Wellness Company, Inc. announced the appointment of Glenn Murphy to executive chairman of its board of directors, effective immediately. In his new role, Murphy will support Petco’s leadership team and play a key role in the retailer’s continued search for a new chief executive officer. 

Murphy is currently the CEO of consumer-focused investment firm FIS Holdings. He previously served as chairman of the board at lululemon athletica inc., chairman and CEO of Gap, Inc., and chairman and CEO of Shoppers Drug Mart Inc. 

“Glenn is a proven leader and innovator with a track record of success across multiple retail sectors over the past three decades,” said Cameron Breitner, member of Petco’s board of directors. “His experience driving profitable growth through periods of transition will provide great value to Petco’s leadership team and the board of directors during this important period for the company.”

As executive chairman of the board, Murphy will focus on helping improve Petco’s profitability and  implementing strategies to drive long-term growth. In addition to his appointment, Murphy has purchased 1,470,589 shares of Petco’s Class A common stock for $2.5 million. 

“Petco is a well-regarded brand in the high-growth pet category with a differentiated approach that I believe is positioned to create significant long-term shareholder value,” Murphy said. “In evaluating the executive chairman role over the past several months, I have built conviction that there are many tangible opportunities to improve near-term operating and financial performance and deliver attractive long-term growth. I look forward to working closely with management and the board of directors toward these objectives.”

Read more about personnel changes throughout the industry.