BC Partners, which led the takeover of PetSmart Inc, plans to appoint Michael Massey as chief executive of the pet supply retailer, the Wall Street Journal reported. Massey, previously CEO of Collective Brands, will replace David Lenhardt at PetSmart, who will depart with an exit package of roughly $24 million, WSJ reported.(on.wsj.com/1GDwR4p)A private equity consortium led by BC Partners in December agreed to purchase Phoenix-based PetSmart for $8.7 billion. The acquisition will be completed on Wednesday.Massey, whose employment ended after Collective Brands was bought by a consortium in 2012, hopes his experience in that situation will help him relate to PetSmart's about 54,000 employees, the newspaper quoted Massey as saying.BC Partners managing partner Raymond Svider will become PetSmart chairman.
PetSmart, Inc. (PetSmart) provides of pet products and services in North America. Shares of PETM fell by 0.01% or $-0.01/share to $82.95. In the past year, the shares have traded as low as $55.00 and as high as $83.49. On average, 1938440 shares of PETM exchange hands on a given day and today's volume is recorded at 1167191.
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