Today, PetMed Express Inc. (NASDAQ:PETS), a leading pet pharmacy, announced the approval of a new incentive plan and the election of its board directors at the Annual Meeting of Shareholders. The company, headquartered in Delray Beach, Florida, disclosed the adoption of the PetMed Express, Inc. 2024 Omnibus Incentive Plan (the "2024 Plan") and the election results in a filing with the U.S. Securities and Exchange Commission.
The 2024 Plan, designed to provide performance incentives for employees, was approved by shareholders on Thursday, August 8, 2024, following a recommendation by the company's Board of Directors. The plan is detailed in the company's Proxy Statement filed on June 24, 2024. This new plan includes provisions for annual awards of restricted stock units for non-employee directors under the plan.
In addition to the 2024 Plan, the company confirmed the election of six directors who will serve until the next annual meeting. The elected directors include Leslie C.G. Campbell, Sandra Y. Campos, Gian M. Fulgoni, Justin Mennen, Diana Garvis Purcel, and Leah A. Solivan.
Furthermore, the shareholders endorsed the compensation of the company's named executive officers and ratified the appointment of RMS US LLP as the independent registered public accounting firm for the fiscal year 2025.
The Annual Meeting saw a quorum with over 15 million shares represented, and the majority of outstanding shares voted on the proposals. The results of the votes were as follows: Proposal 1, concerning the election of directors, saw a range of votes in favor from 8,972,142 to 10,629,061. Proposal 2, the advisory approval of executive compensation, received 10,078,516 votes in favor. Proposal 3, the approval of the 2024 Plan, garnered 10,205,700 affirmative votes. Lastly, Proposal 4, the ratification of the company's independent auditor, passed with 15,266,297 votes for the motion.
This information is based on a press release statement and the full text of the 2024 Plan can be found in Exhibit 10.1 of the SEC filing.
In other recent news, PetMed Express has reported a 6.6% increase in net sales for the fourth quarter, largely attributed to the acquisition of PetCareRx. The company's strategic initiatives, including brand consolidation, supply chain improvements, and technology platform upgrades, have been outlined by CEO Sandra Campos. Lake Street Capital Markets revised its outlook on PetMed Express, reducing the price target from $9 to $7, while maintaining a Buy rating. Despite underlying challenges, Lake Street maintains a positive outlook on the company's prospects, highlighting its ability to attract new customers and grow recurring revenue streams. PetMed Express is in a strong financial position with $55 million in cash reserves and no debt, providing the necessary capital for its investments.
The company has also announced the appointment of tech entrepreneur Leah Solivan to its Board of Directors. Solivan's digital expertise and entrepreneurial success are expected to be key assets in guiding the company's strategic direction and boosting its growth trajectory. Additionally, PetMed Express has bolstered its leadership team with a new Chief Marketing Officer and Chief Digital and Technology Officer. These recent developments underscore PetMed Express's commitment to sustainable growth and operational efficiency.
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