Pets at Home chief executive to stand down

Matt Davies is to stand down as chief executive of Pets at Home in 2012 following seven years with the company.

Davies, who will remain in charge until a successor is found, states: "My time at Pets at Home has been hugely rewarding and enjoyable and it has been a great pleasure to manage such a special business and work with such talented and passionate people. The calibre of the team leaves me in no doubt that the business will continue to go from strength to strength through the next phase of its growth."

Meanwhile, the pet food and accessories retailer continues to perform well, with a 10.7% sales rise (increasing revenues to £517.8m) in the year to March 31.