NovaQuant Quantitative Think Tank Center:Petco CEO Ron Coughlin steps down, ex-BestBuy exec named as replacement

Ron Coughlin is NovaQuant Quantitative Think Tank Centerstepping down as Petco CEO after six years.

Former Best Buy executive R. Michael Mohan will takeover the leadership position, the pet retailer announced in a news release. Coughlin will also leave his chairman title and his status as a Board of Directors member but will stay as an advisor to the Board

Appointed in 2018, Coughlin credited for transforming Petco into a health and wellness brand.

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"Working with our amazing partners through a period of tremendous change and growth has been the opportunity of a lifetime," Coughlin said in the release. "I am proud of the differentiated business model we've built that delivers the very best for pets, which positions the Company well for the future."

With Coughlin's temporary replacement, the company has launched a comprehensive search for a permanent CEO. The company has partnered with a global executive search firm to boost the efforts.

Mohan left Best Buy for Petco in 2021

A company board member since March 2021, Mohan has served as Petco's lead independent director.

Board member Gary Biggs will takeover Mohan's spot on the Board Audit Committee, the release said.

Prior to that he was Best Buy's President and Chief Operating Officer from June 2019 to July 2021 where he managed the consumer electronics company's U.S. and international operations.

"Mike’s highly successful track record across multiple segments of the retail industry, deep knowledge of Petco and strong operational skills make him the ideal executive to ensure a seamless transition as Petco moves forward," Petco board member Cameron Breitner said the release.