Retailer Pets At Home has ended its three-month search for a new boss with the appointment of former Waitrose managing director James Bailey to the top post.
Mr Bailey, who will take up the role on March 30, replaces Lyssa McGowan after she quit abruptly in September amid profit warnings and sliding sales, ending a three-year tenure at the helm.
Chairman Ian Burke took the helm on an interim basis after she left, but will revert back to become non-executive chairman when Mr Bailey joins next spring.
Mr Bailey was previously managing director of Waitrose for more than five years until he left in August, which saw him steer the upmarket grocery chain through the pandemic and the following spike in food price inflation.
Before Waitrose, he held a raft of senior roles during a 20-year career at supermarket giant Sainsbury’s, including grocery buying director.
His appointment comes as Pets At Home battles to turn around its fortunes after a series of profit warnings.
Half-year results in November revealed profits tumbled by more than a third, with underlying earnings at the retail business plummeting 84% and offsetting a resilient performance at the vet chain.
Mr Burke warned last month that “urgent and necessary” measures were needed to address the retail division’s woes, with cost-cutting a key part of its revival plan as he revealed aims to reduce overheads by around £20 million.
Mr Burke said: “Following an extensive search process, the board believes James’s experience aligns well with the group’s ambitions for the coming years.
“His strong retail leadership skills will support the ongoing focus on improving Pets At Home’s retail business, with significant operational and commercial experience leading both stores and online operations.”
Mr Bailey said Pets At Home is “a business I’ve admired for a long time and one I believe has a very bright future”.
He will be paid a salary of £639,770, plus pension and benefits, with the potential for an annual bonus of up to 170% of salary.
He may also be in line for a further possible annual share award worth 250% of salary, if the firm’s new pay policy is approved by shareholders at next year’s annual general meeting in July.
