Petco Stock Rises After Company Hires New CEO from Five Below

Petco (WOOF) shares roseate Thursday aft nan pet retailer named Joel Anderson its caller main executive officer.

The announcement landed hours aft discount retailer Five Below (FIVE) yesterday said Anderson was departing. The news contributed to Five Below shares losing a 4th of their worth Wednesday.

Petco shares were precocious up much than 3% to a spot nether $4. Five Below shares were down different 5%.

Petco Hiring CEO With 'Wealth of Retail Experience'

Petco said Anderson would commencement July 29. Wedbush analysts said Thursday that Anderson's "wealth of unit experience" makes nan prosecute a " key measurement successful nan company’s revitalization," raising their value target to $5 from $4.

Anderson spent astir a decade arsenic CEO of Five Below, pinch respective years of acquisition successful a number of executive positions pinch Walmart (WMT) and different retailers.

"I americium excited to subordinate Petco astatine a pivotal clip arsenic we reposition nan business for a stronger future," Anderson said successful a statement.

Petco's shares are up much than 20% this year, good disconnected outpouring lows beneath $1.50.

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