PetMed CEO Matt Hulett leaves

  • After less than three years in the position
  • Praise, thanks and good wishes for Hulett
  • Sandra Campos taking over
  • Hulett kept it short and said 29 words

(exechange) — Delray Beach, Florida, April 29, 2024 — Matt Hulett, chief executive of PetMed, leaves his position. As announced by PetMed Express Inc. in a news release and in a regulatory filing published on Monday, April 29, 2024, Mathew N. (Matt) Hulett leaves his post as chief executive officer at the online pet pharmacy doing business as PetMeds, after less than three years in the role, effective immediately.

Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.

Hulett leaves the company effective May 10, 2024.

Matt Hulett’s duties as CEO will be taken over by Sandra Campos, previously Chief Executive Officer at DVF (Diane von Furstenberg).

Already a director

Campos has already been a member of the board of directors of PetMed. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.

They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.

Having been a director, Campos understands the expectations and dynamics of the board and has knowledge of PetMed’s organization, risk-management practices and strategy.

“Renewed emphasis on customer experience”

PetMed did not give an explicit reason for Matt Hulett’s departure from the CEO post. PetMed stated: “Ms. Campos brings a deep understanding of the industry and company; focusing on unlocking shareholder value through a renewed emphasis on customer experience, operational excellence and digital marketing transformation.”

Precise information regarding Matt Hulett’s future plans was not immediately available.

“Stepped down/resigned”

PetMed said: “Matt Hulett has stepped down as Chief Executive Officer and President and as a Director of the Company and will work with Ms. Campos to facilitate a smooth transition of leadership responsibilities before departing the Company on May 10, 2024. He will remain an advisor to the Company through August 2024.”

PetMed further said: “On April 29, 2024, PetMed Express, Inc. … and Mathew Hulett entered into a Transition and Separation Agreement pursuant to which Mr. Hulett resigned as President and Chief Executive Officer, and also as a director, of the Company effective April 29, 2024.”

Share price decline since August 2021

The announcement follows a decline in PetMed Express Inc.’s share price of 86% since August 2021. August 2021 is the month in which Hulett’s tenure as CEO began.

In the position of CEO since 2021

Matt Hulett became CEO of the Company in 2021.

Hulett has served as a member of the Company’s Board of Directors, and Chief Executive Officer and President of the Company since August 2021.

Prior to joining the Company, Hulett served as the co-president of Rosetta Stone from January 2019 to July 2021 and was the president of Language at Rosetta Stone from August 2017 to July 2021.

Rosetta Stone was previously a publicly held company (NYSE: RST) until taken private in October 2020.

Hulett’s duties at Rosetta Stone included leading all the entire business operations and strategic direction for the company’s language business.

Prior to that, from October 2015 to March 2018, Hulett served as entrepreneur in residence at Voyager Capital, an information technology venture capital firm.

From December 2015 to April 2017, Hulett served as the chief product officer at TINYpulse, a privately held SaaS- based Human Resources technology provider, where he was responsible for driving product strategy, design, and development.

From May 2013 to September 2015, Hulett served as the chief executive officer of Click Sales, Inc. (dba ClickBank), a privately held, top-100 internet retailer that provides digital lifestyle products to customers in 190 countries.

Prior to ClickBank, Hulett served as senior vice president of RealNetwork’s games division from August 2010 to May 2013, where he led the right-sizing effort of the traditional gaming business and led the business’ turnaround strategy pivot into social and mobile gaming.

He has also held the chief executive office role at AdXpose and was president of the corporate travel division of Expedia.

He received his Bachelor of Arts degree in Marketing and Information Systems from the University of Washington.

29 words by Matt Hulett

In the release announcing his departure as CEO of PetMed Express Inc., Matt Hulett received praise, thanks and good wishes.

In the release announcing his departure as CEO, Matt Hulett kept it short and said 29 words.

“Guide PetMeds into a promising future”

Matt Hulett stated: “It has been a privilege to lead this Company and I am confident that Sandra’s extensive experience and leadership skills position her to guide PetMeds into a promising future.”

The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.