09:31 AM EDT, 03/13/2024 (MT Newswires) -- Petco Health & Wellness (WOOF) said its board has named R. Michael Mohan as interim chief executive officer, starting Wednesday.

Ron Coughlin has stepped down as CEO, chair and member of the board, the company said, adding he will become an advisor to the board.

The board has launched a search for a permanent CEO, the company said.

Mohan, who has been on Petco's board since March 2021, is the former chief operating officer of Best Buy (BBY), Petco said.

Petco shares were rising about 5.9% in early trading Wednesday.

Price: 2.71, Change: +0.15, Percent Change: +5.86