Company's Chief Executive Officer resigns, as Pets at Home announces a potential drop in profitability
In a surprising development, Lyssa McGowan, the CEO of Pets at Home, has announced her departure from the retail giant. McGowan, who has spent over three years at the helm of the company, was recognized in the King's Birthday Honours for her services to retail just three months ago.
McGowan's departure comes amidst an unscheduled trading update from Pets at Home. The company has lowered its profit expectations for the financial year 2026 (FY26), citing weaker-than-expected performance in its retail business. The current market cap of the business stands at £915.64m.
The company's previous guidance assumed 1% market growth in pet retail, but the market has remained subdued, showing a slight decline year to date. This has contributed to the lower profit expectations for FY26.
Despite the challenging retail landscape, McGowan expressed pride in leading Pets at Home and considered the honor a shared recognition for the hard work of all the company's employees. She stated that it is a privilege to be named alongside inspiring people and considers the honor as recognition of the efforts to create a better world for pets and the people who love them.
Under McGowan's leadership, Pets at Home has been on track to deliver 10 new practices, 15 extensions, and further profit progress in the current financial year. However, while retail performance has improved, progress has been slower than planned.
In the wake of McGowan's departure, non-executive chair Ian Burke will serve as the interim executive chair until a permanent successor is appointed. Burke has a wealth of experience, having previously held leadership roles at Sky, including chief consumer officer and chief commercial officer, where he played a significant role in the launch of Sky Glass and Sky Mobile. He also served as a non-executive director at Morrisons and worked at McKinsey & Company, as well as in telecoms at Telewest Broadband.
The share price of the business has dropped significantly in the last 12 months, from 302.8p to 200.6p. Shares have dropped by just shy of 30p in the last three hours.
McGowan did not specify the reason for her departure from Pets at Home in the provided text. However, her departure marks a significant change for the company, and investors will be closely watching to see how the interim leadership and eventual successor navigate the challenges in the pet retail market.
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