Dive Brief:
- After a little over a year in the role, Chewy CFO David Reeder will depart the company in “several months,” the online pet retailer said in a Monday press release and a filing with the U.S. Securities and Exchange Commission.
- Reeder will depart the pet retailer at an undetermined date. However, he will remain in his role as finance chief through the company’s next earnings report in June, and will assist in a transition as the company looks for his successor.
- Reeder is taking on a CEO position in the semiconductor industry. He first joined Chewy from GlobalFoundries, a semiconductor manufacturer.
Dive Insight:
Reeder’s departure follows after the pet retailer reported rising active customer numbers and net sales for its full-year 2024.
For the year, Chewy reported a 6.4% year over year jump in net sales to reach $11.9 billion, according to its earnings presentation. Its sales were supported by strong active customer growth, with Chewy ending the year with 20.5 million active customers — "marking our first year-over-year growth in eight quarters,” CEO Sumit Singh said during the company’s earnings call according to a transcript.
Chewy does look to be grabbing market share, Singh previously said, stating that the company is likely taking share from competitors such as food, drug and specialty retailers.
Singh credited Reeder’s “contributions during his time at Chewy,” and thanked the CFO “for his leadership as we advanced our strategic, long-term growth initiatives.” The company is also reaffirming its guidance for its Q1 2025, Singh said, which Chewy is expected to report on June 11.
For the quarter, the retailer is anticipating net sales between $3.06 billion to $3.09 billion, which would represent between 6% to 7% growth year-over-year, according to its 2024 full-year earnings presentation published in March.
Chewy did not immediately respond to requests for comment
