PetSmart, Inc. today announced that Michael J. Massey has decided to step down from his position as chief executive officer, president and board member.
The Board of Directors has accepted his resignation and Raymond Svider will serve as executive chairman to oversee the Company’s operations with the senior leadership team.
The Board has initiated a search for Mr. Massey’s replacement.
Mr. Massey joined PetSmart as CEO when it went private in 2015 and has led the Company through a critical phase of strategic transformation creating strong growth and profitability.
“On behalf of the Board, we thank Michael for leading PetSmart through a period of transformation and growth, uniquely positioning the Company to lead in the growing pet industry and outperform in the specialty retail category,” said Raymond Svider, a Managing Partner at BC Partners.
“Michael was instrumental in creating an efficient, customer-focused retail organization and developing the Company’s growth strategy. This includes the recent acquisition of Chewy, making PetSmart the leading brick and mortar and online retailer in the industry. We respect Michael’s decision and are grateful for his many achievements while CEO of PetSmart.”
Mr. Massey said, “It has been an honor to work in partnership with BC Partners and the incredibly talented PetSmart team. I am pleased that, in such a short time, we have achieved the operating goals we set out at the acquisition of PetSmart to create a highly profitable and fast growing retailer that leads both in brick and mortar and online, which is unique in retail.
“With the structural changes achieved, I believe PetSmart is well positioned for the future and will continue to be the trusted partner to pet parents and pets.”