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Petco's Strategic Refinancing and Leadership Update

On February 2, 2026, Petco, renowned for being the ultimate destination for pet care, announced the successful closing of its long-term debt refinancing. This strategic move is complemented by the transition of Glenn Murphy, who has been serving as the Executive Chairman, back to his role as Chairman of the Board of Directors as of February 1, 2026. This leadership change signifies a pivotal moment for the company amid its ongoing transformation into a modern pet retailer.

Joel Anderson, Petco's CEO, expressed gratitude towards Glenn Murphy for his continuous support and guidance during a critical period of growth for the company. He stated, "I am proud of what we've achieved so far. Our efforts to enhance Petco's economic model and retail operations have led to improved profitability and cash flow. The refinancing transaction we successfully executed today is a step toward reducing leverage and creating greater financial flexibility for us. I look forward to working closely with Glenn as we take proactive steps to drive sustainable profits."

Glenn Murphy noted the importance of this transition, stating that the leadership team has effectively positioned Petco for its next growth phase since he became Executive Chairman in May 2024. He remarked, "With a strong and experienced team in place, now is the right moment for my transition to the Chairman role. I have full confidence in Joel's executive leadership and the Board's support, as we work toward harnessing Petco's growth potential."

Looking Ahead

As Petco embarks on this new chapter, the company is eager to focus on enhancing customer experience and expanding its product and service offerings. The successful refinancing not only improves Petco’s financial health but also sets the stage for strategic investments in infrastructure and technology aimed at better serving both pets and their owners.

The future of Petco is built on a foundation of community engagement and responsible business practices, underscored by its commitment to animal welfare through initiatives like Petco Love. Over the last 60 years, Petco has earned the trust of pet parents, providing a variety of products and services designed to meet every pet’s needs. With over 1,500 locations in the United States, Mexico, and Puerto Rico, Petco continues to strive for excellence—not just in pet care retail, but also in building a stronger relationship between pets and their owners.

A Long-Standing Legacy

Petco’s dedication to enhancing the lives of pets and their owners is unwavering. The company understands the nuances of pet parenthood—whether it’s the joy of a wagging tail, late-night playtime, or providing expert guidance that every pet owner needs. The experience at Petco goes beyond just retail; it’s about nurturing the bond between pets and their humans, promising every customer personalized service coupled with an exceptional selection of products.

As the pet retail landscape continues to evolve amidst increasing competition, Petco's leadership transition and refinancing efforts position the company to respond to changing market dynamics effectively. Emphasizing financial agility and robust leadership, Petco is poised to enhance its operations and offer innovative solutions that delight customers and strengthen its brand presence.

In conclusion, the recent developments at Petco point toward a future filled with potential, where the combined efforts of new leadership and a strengthened financial framework can lead to exciting innovations in the pet care industry. As Petco gears up for the next phase of growth, all eyes will be on this trusted retailer to see how it continues to redefine pet care while staying true to its core mission.