Pet products retailer Pets at Home has confirmed today that its CEO Matt Davies is to stand down from his position in the spring of next year.
Davies joined the company as Group Finance Director in August 2001 before being promoted to CEO in March 2004, overseeing sustained growth during this period and a £955 million takeover by global investment group KKR last year.
He is leaving to pursue other opportunities but will remain with the retailer until a suitable replacement is found, with both internal and external candidates being considered.
Commenting on his departure, Davies said: “My time at Pets at Home has been hugely rewarding and enjoyable and it has been a great pleasure to manage such a special business and work with such talented and passionate people.
“The calibre of the team leaves me in no doubt that the business will continue to go from strength to strength through its next phase of growth.”
Although the consumer market has become increasingly difficult in the last year, Pet at Home managed to increase revenue and EBITDA by more than ten per cent in 53 weeks ending March 31st 2011.
Extensive research into improving its customer service and the launch of a click & collect service have been part of the group’s attempts to evolve Pets at Home into a modern multichannel retailer – a process Davies can take much of the credit for.
Tony DeNunzio, Chairman of Pets at Home, commented: “KKR and I would like to thank Matt for his contribution to the company over the past ten years.
“Matt has helped build an excellent business, with a very strong management team and an exciting growth strategy. He has been a pleasure to work with.”