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DELRAY BEACH, Fla. - PetMed Express, Inc. (NASDAQ:PETS) announced Tuesday that Chief Executive Officer Sandra Campos and Chief Financial Officer Robyn D’Elia have resigned from their positions and employment with the company. The announcement comes as the company’s stock has declined over 26% in the past six months, according to InvestingPro data, though analysts expect net income growth this year.
Board Chair Leslie C.G. Campbell has assumed the role of Interim Chief Executive Officer, while Chief Accounting Officer Douglas Krulik will serve as Interim Principal Financial Officer. The company has initiated a search for permanent replacements for both positions.
According to a press release statement, Campos and D’Elia each entered into separation agreements with the company on Monday. Under these agreements, they will receive severance payments consisting of 13 months of their current base salary and accelerated vesting of a portion of their unvested restricted stock units. Both executives have agreed to provide consulting services to PetMed Express for three months on an as-needed basis.
Campos has also resigned from the company’s Board of Directors, which has been reduced to five members. Following her transition to Interim CEO, Campbell will remain as Board Chair but will step down from the Audit Committee and the Compensation and Human Capital Committee.
The company also announced several other board changes. Justin Mennen has been appointed as Lead Independent Director, Peter Batushansky will chair the Audit Committee, and Leah Solivan will chair the Compensation and Human Capital Committee.
PetMed Express, founded in 1996, operates as an online pet pharmacy licensed across all 50 states through its PETS family of brands, including PetMeds and PetCareRx.
In other recent news, PetMed Express, Inc. announced a delay in filing its annual report for the fiscal year ended March 31, 2025, due to an ongoing investigation by the company’s Audit Committee. The investigation follows anonymous whistleblower reports concerning revenue recognition practices and other issues. As a result, the company has received a non-compliance notice from Nasdaq, although this does not immediately affect the listing or trading of its stock. PetMeds has until September 1 to submit a compliance plan to Nasdaq, which could extend the deadline to regain compliance until December 29. Additionally, PetMeds reported preliminary fourth-quarter results, estimating sales between $51.1 million and $53.1 million, a decline from $66.5 million in the same period last year. The company also projects a net loss between $9.9 million and $10.4 million for the quarter, compared to a $5.0 million loss in the prior year. The release of the fourth quarter and fiscal year 2025 financial results has been postponed, with the new date set by June 16, 2025. PetMeds stated that additional time is needed to complete its year-end audit process.
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