There are a lot of moving parts for PetSmart (NASDAQ: PETM) going into its annual shareholder meeting on Friday.
The pet food and supplies leader announced yesterday it has named a new non-executive chairman of the board, Gregory P. Josefowicz, who will assume the role following the meeting. Exiting Chairman and CEO Bob Moran will not stand for reelection as a director, and company President and COO David Lenhardt will fill the role of CEO. Executive Vice President Joseph O'Leary will become president and COO. In May, the company named Carrie Teffner as its new chief financial officer.
Josefowicz was quoted in yesterday's press release as saying: "On behalf of the board, we appreciate Bob's service and contributions over the past 14 years. Both the board and Bob agree that now is the right time for Bob to step down from the board and to move forward with the company's next phase of growth and development."
Josefowicz has been a director of PetSmart since December 2004 and has served as the company's lead director since 2006. Previously, he was president and CEO of now-defunct Borders Group and had been the company's board chairman. Today he serves on the boards of Roundy's and United States Cellular, and he's also served on the boards of Telephone and Data Systems and Winn-Dixie.
PetSmart also announced it is reducing its board from 11 to nine members.
Headquartered in Phoenix, PetSmart operates more than 1,289 pet stores in the United States, Canada, and Puerto Rico, and generated $6.8 billion in revenues over the 12 months ending May 5.