Intrigue as Pets at Home reverses CFO appointment

CHESHIRE-based pet products retailer Pets at Home has reversed its decision to appoint Graeme Jenkins as chief financial officer.

The decision comes after Jenkins’ former employer Wesfarmers yesterday admitted to accounting errors at its Target Australia subsidiary, where Jenkins was previously finance chief.

The Australian group said that an investigation into department store Target’s accounting practices found that its first-half profits had been inflated by around A$21m (£11.1m) by extra rebates from suppliers in return for promises of price rises in the second half.

“The investigation into this matter was swift and comprehensive. It identified that the full arrangements weren’t disclosed to Wesfarmers or its auditors. Appropriate action is being taken against the Target employees who were found to be directly involved,” the company said in a filing with the Australian Securities Exchange.

Jenkins was due to start with Pets at Home on April 4 but in a stock market announcement Pets at Home said the decision to part ways was “by mutual agreement”.

It has appointed Mark Adams as interim chief financial officer whilst it seraches for a permanent replacement.

Adams has acted as an interim CFO to Cognita Schools since February 2014 and has finance leadership experience from a number of business to consumer and publically listed companies. He has previously held the role of CFO at Hastings Insurance Group, easyJet, Helphire Group, Alpha Airports Group and STA Travel Group.

In March the company announcd that it had appointed Ian Kellett as its chief executive, at the same time as it announced  Jenkins’ appointment.

Kellett, who has  has been a member of the group’s board for the last 10 years, took up his post on April 4 following the resignation of Nick Wood who will remain with the group in an advisory role until July 1.

Kellett was previously chief financial officer and latterly chief executive of the group’s retail division.