Petco Health & Wellness Company, Inc. (NASDAQ:WOOF) disclosed executive leadership changes and compensation adjustments in a recent SEC filing. Joel D. Anderson officially took over as Chief Executive Officer on Monday, succeeding R. Michael Mohan, who had been serving as the interim CEO. Alongside this transition, the company's Board of Directors established a Value Creation Committee, appointing Mr. Mohan as its Chair effective the same day.
For his role as the Chair of the Value Creation Committee, Mr. Mohan will receive an annual cash fee of $250,000, which will be paid monthly and replaces any other compensation typically given to independent Board members. Additionally, amendments were made to Mr. Mohan's outstanding restricted stock units (RSUs) and nonqualified stock options (Options), which were initially granted on March 15, 2024. These amendments allow the RSUs and Options, previously set to vest over a two-month period following the CEO transition, to remain active and vest monthly over a five-month period, contingent on Mr. Mohan's ongoing service on the Board.
The SEC filing, dated August 2, 2024, provides a detailed account of these changes, including the terms of the Amendment to Mr. Mohan's RSUs and Options. This information is based on a press release statement and is essential for investors and stakeholders to understand the latest corporate governance adjustments within Petco.
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