James Bailey, who was managing director of Waitrose for more than five years, will take up the role on March 30
Pets At Home has concluded its three-month hunt for a new leader by appointing former Waitrose managing director James Bailey to the top role.
Mr Bailey, set to assume his position on March 30, will succeed Lyssa McGowan who resigned in September after three years amidst profit warnings and declining sales.
Following her departure, chairman Ian Burke temporarily took over the reins but will resume his role as non-executive chairman when Mr Bailey joins next spring.
Prior to this, Mr Bailey served as the managing director of Waitrose for over five years until his departure in August, during which he navigated the upscale grocery chain through the pandemic and subsequent surge in food price inflation.
Before his tenure at Waitrose, he held numerous senior positions during his 20-year career at supermarket titan Sainsbury’s, including the role of grocery buying director.
His appointment comes at a time when Pets At Home is striving to reverse its fortunes following a series of profit warnings.
The company’s half-year results in November revealed a more than one-third drop in profits, with underlying earnings in the retail business plunging 84%, despite a robust performance from the veterinary chain.
Last month, Mr Burke cautioned that “urgent and necessary” actions were required to rectify the retail division’s troubles, with cost-cutting being a crucial aspect of its recovery plan. He also disclosed plans to reduce overheads by approximately £20 million.
Mr Burke said: “Following an extensive search process, the board believes James’s experience aligns well with the group’s ambitions for the coming years.
“His strong retail leadership skills will support the ongoing focus on improving Pets At Home’s retail business, with significant operational and commercial experience leading both stores and online operations.”
Mr Bailey described Cheshire-based Pets At Home as “a business I’ve admired for a long time and one I believe has a very bright future”.
His remuneration package includes a base salary of £639,770, alongside pension contributions and additional benefits, with the opportunity to earn an annual bonus reaching up to 170% of his basic pay.
Should shareholders give their backing to the company’s revised compensation framework at July’s annual general meeting, he could also be eligible for additional yearly share incentives valued at up to 250% of his salary.
