- Push-out Score determined
- After around 20 years in the position
- Search for a successor
(exechange) — Delray Beach, Florida, June 4, 2021 — Menderes Akdag, chief executive of PetMed, leaves. As announced by PetMed Express Inc. in a regulatory filing published on Friday, June 4, 2021, Menderes Akdag, chief executive officer, leaves the online pet pharmacy after around 20 years in the role.
It is the end of an era.
PetMed will undertake a search for a successor.
No reason given
In the announcement, PetMed did not explicitly explain the reason for Menderes Akdag’s move, leaving room for speculation.
Precise information regarding Menderes Akdag’s future plans was not immediately available.
“The Company will not extend Mr. Akdag’s employment agreement”
PetMed said: “On May 28, 2021, the Board of Directors of PetMed Express, Inc. (the “Company”) notified Menderes Akdag, President and Chief Executive Officer, that the Company will not extend Mr. Akdag’s employment agreement with the Company and that the employment agreement would therefore end on July 30, 2021 in accordance with the scheduled end date of the agreement. The Company has presented a proposal to Mr. Akdag regarding the continuation of his role as President and Chief Executive Officer for a transition period following July 30, 2021 until a new CEO is appointed.”
Share price decline since June 2018
The announcement follows a decline in PetMed Express Inc.’s share price of 10% since June 2018.
In the position of CEO since 2001
Menderes Akdag became CEO of the Company in 2001.
Akdag has served as the Company’s Chief Executive Officer since March 2001 and as President since August 2005, and was appointed to the Board of Directors in November 2002, bringing a breadth of experience in the areas of direct response marketing, operations, and finance.
Akdag is also a member of the Company’s Investment Committee.
Akdag has played a vital role in the continuing development and implementation of the Company’s strategic business plan, leading the Company into its expansion into online retail sales and pursuing nationwide recognition of the Company’s brand.
At the time Akdag accepted the position as Chief Executive Officer, the Company had net operating losses and an accumulated deficit.
In 2009, Akdag was an Ernst & Young® Entrepreneur of the Year Florida Winner in the retail category as well as a national finalist.
Recognized globally, the award honors the most outstanding entrepreneurs who inspire others with their vision, leadership, and achievement.
Akdag holds a Bachelor of Science degree in Business Administration with a major in finance from the University of Florida where he graduated with high honors.
Prior to joining PetMed Express, Akdag served as Chief Executive Officer of International Cosmetics Marketing Co. d/b/a Beverly Sassoon & Co., a publicly held (PS:SASN) direct sales company distributing skin care and nutritional products, from November 2000 until March 2001.
From May 1991 until August 2000, Akdag was employed by Lens Express, Inc., a direct sales company distributing replacement contact lenses.
While there, Akdag served as Chief Financial Officer from May 1991 until August 1992, as Chief Executive Officer from August 1992 until May 1996, and as President from May 1996 until August 2000.
From May 1991 until May 1996, Akdag was also a member of the Board of Directors.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Menderes Akdag’s move on a scale of 0 to 10.
exechange reached out to PetMed and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2021 ($).