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retailer domestic animal At Home ends three-month search for new boss with appointment of former boss Waitrose Managing director James Bailey in the top job.
Mr Bailey, who will take up the post on March 30, replaces Lisa McGowan, who resigned suddenly in September amid profit warnings and falling sales, ending her three-year tenure at the top.
Chairman Ian Burke took over on an interim basis following his departure, but will become non-executive chairman when Mr Bailey joins next spring.
Mr Bailey was previously managing director of Waitrose for more than five years until his departure in August, which saw him lead the upmarket grocery chain during the pandemic and a surge in food price inflation.
Before Waitrose, he held a number of senior roles at supermarket giant Sainsbury’s during a 20-year career, including grocery purchasing director.
His appointment comes as Pets at Home battles to turn around its fortunes following a series of profit warnings.
Half-year results in November showed profits fell by more than a third, with underlying earnings in the retail business down 84% and offset by a lackluster performance in the vet chain.
Mr Burke warned last month that “urgent and urgent” measures were needed to address the retail division’s problems, with cost cutting a key part of its revival plan as he revealed he aimed to reduce overheads by around £20 million.
Mr Burke said: “Following an extensive search process, the Board believes James’s experience matches well with the Group’s ambitions for the coming years.
“His strong retail leadership skills will support Pets at Home’s ongoing focus on improving its retail business, with significant operational and commercial experience leading both store and online operations.”
Mr Bailey said Pets at Home was “a business I have admired for a long time and I believe it has a very bright future”.
He will be paid a salary of £639,770, plus pension and benefits, with the possibility of an annual bonus of up to 170% of salary.
If the company’s new pay policy is approved by shareholders at the annual general meeting in July next year, he could also be in line for a potential annual share award worth 250% of the salary.