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Pets at Home boss quits to spend more time with his family

Discussion in 'Market News' started by Lily, Mar 21, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Nick Wood steps down after four years to be replaced by finance director

    Nick Wood, the chief executive of Pets at Home, is stepping down from the business to, as the cliche goes, spend more time with his family.

    In a surprise announcement the company said Wood would step down from the top job in April, while staying on until July to help with the transition to a new chief executive in the form of Ian Kellett, currently finance director. Explaining his decision, Wood said:

    It has been a privilege to lead Pets at Home for four years, but after over 8 years working in the north west, and with my children growing up fast, I feel the time is right for me to be based in London with my family.

    Nick Wood leaves the business having instilled a strong service-led culture and put in place a platform that should help Pets at Home capitalise on its significant growth opportunities in pet retail and adjacent niches such as vets and grooming...

    We see this as a natural succession and expect little interruption to the strategy: This is critical given the considerable upside we see in the Pets at Home story through capitalising on the core growth opportunities of rolling out stores, vets and groomers which should support growth for at least the next decade. Consolidation of adjacent niches such as referral hospitals is incremental and could support growth thereafter, building a business with considerable competitive advantages, defensive growth prospects and attractive cash generation...

    The change in management is unexpected, but we take confidence from the experience of the new chief executive and the wider management team. We are also encouraged by the in line trading which should provide further reassurance following the strong third quarter update in late January. We would see any weakness in the shares today as a good opportunity to buy.

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