Petco Appoints New Directors, Adjusts CFO Compensation

TL;DR

Petco adds 2 board members and adjusts CFO pay. New faces, new pay structure.

AI Summary

Petco Health & Wellness Company, Inc. announced on May 28, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Amy E. Kocourek and David M. K. Tang, to its Board of Directors, effective immediately. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Michael J. Nuzzo, which includes a base salary of $500,000 and potential for a performance-based bonus.

Why It Matters

The appointment of new directors and changes to executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in board composition and executive compensation can indicate underlying issues or strategic shifts that may carry financial risks.

Key Numbers

• $500,000 — CFO Base Salary (New employment agreement for Michael J. Nuzzo.)

Key Players & Entities

• Petco Health & Wellness Company, Inc. (company) — Registrant
• Amy E. Kocourek (person) — Newly Elected Director
• David M. K. Tang (person) — Newly Elected Director
• Michael J. Nuzzo (person) — Chief Financial Officer
• $500,000 (dollar_amount) — CFO Base Salary

FAQ

From the Filing

0001193125-24-148156.txt : 20240528 0001193125-24-148156.hdr.sgml : 20240528 20240528165656 ACCESSION NUMBER: 0001193125-24-148156 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240528 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240528 DATE AS OF CHANGE: 20240528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Petco Health & Wellness Company, Inc. CENTRAL INDEX KEY: 0001826470 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 811005932 STATE OF INCORPORATION: DE FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39878 FILM NUMBER: 24992765 BUSINESS ADDRESS: STREET 1: 10850 VIA FRONTERA CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: 1-858-453-7845 MAIL ADDRESS: STREET 1: 10850 VIA FRONTERA CITY: SAN DIEGO STATE: CA ZIP: 92127 FORMER COMPANY: FORMER CONFORMED NAME: PET Acquisition LLC DATE OF NAME CHANGE: 20200929 FORMER COMPANY: FORMER CONFORMED NAME: Petco Acquisition LLC DATE OF NAME CHANGE: 20200929 8-K 1 d843568d8k.htm 8-K 8-K Petco Health & Wellness Company, Inc. false 0001826470 0001826470 2024-05-28 2024-05-28     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 28, 2024     Petco Health and Wellness Company, Inc. (Exact name of Registrant as Specified in Its Charter)       Delaware   001-39878   81-1005932 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.) 10850 Via Frontera San Diego , California 92127 (Address of Principal Executive Offices) (858) 453-7845 (Registrant’s Telephone Number, Including Area Code)   (Former Name or Former Address, if Changed Since Last Report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Class A common stock, par value $0.001 per share   WOOF   The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 28, 2024, Justin Tichy notified Petco Health and Wellness Company, Inc. (