PetSmart Picks New CFO

PetSmart (NASDAQ: PETM  ) will soon have a new CFO to go with its new CEO and COO.

In January, the pet supplies superstore confirmed that David K. Lenhardt would become its new chief executive officer, and Joseph O'Leary would assume the chief operating officer's post. That was two down, one to go, and the company named the third member of its C-level triumvirate Monday: Carrie Teffner, who will become chief financial officer effective June 3.

Teffner comes to PetSmart from an unusual direction, having most recently worked as CFO of privately held barbecue grill manufacturer Weber-Stephen Products LLC, and before that, as CFO of Timberland Company.

In a filing with the SEC Monday, PetSmart revealed that it will be paying Teffner an annual salary of $550,000, plus:

  • short-term incentive pay targeting 75% of base salary
  • an extra incentive bonus for her first year of work (if she stays through year-end)
  • $500,000 in stock options and "performance share units" (PSUs) vesting over three years
  • an additional one-time initial equity grant worth $200,000, also divided between stock options and PSUs
  • an additional $100,000 one-time cash bonus
  • and assorted other benefits

Adding to the attractiveness of the offer, PetSmart shares declined 2.7% in price on Monday, and the dollar value in which Teffner's equity awards are stated should be worth a few extra shares as a result.


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