Petco issued a press release on May 28, 2024, announcing significant changes to its management team, citing “the Company’s ongoing efforts to simplify decision making, focus on fewer and clearer priorities, and empower the organization to move with greater speed and agility.” Among other changes, Petco announced the departure of Chief Operating Officer (“COO”) Justin Tichy and the elimination of the COO role, along with the appointment of James Roth as Chief Stores Officer and the appointment of Shari White as Interim Chief Merchant, both reporting directly to Chief Executive Officer Mike Mohan. Following this news, Petco’s stock price dropped over 5% on May 29, 2024.