05:57 PM EDT, 05/14/2024 (MT Newswires) -- Petco Health & Wellness (WOOF) said late Tuesday it named Glenn Murphy as executive chairman of the board, effective immediately.

As part of his appointment, Murphy purchased 1.47 million Petco class A common shares for $2.5 million, the company said.

Murphy currently serves as chief executive officer of consumer-focused investment firm FIS Holdings.

Petco said he will "play a lead role" in helping the company's board find a permanent CEO.

Petco shares rose 10% in after-hours activity.

Price: 2.2500, Change: +0.21, Percent Change: +10.29