Tiger Brokers

BUZZ-Chewy CFO to step down, shares fall

Reuters
May 12
BUZZ-Chewy CFO to step down, shares fall

** Shares of online pet products retailer Chewy CHWY.N down 4.5% at $37.79

** Co says CFO David Reeder will be stepping down

** "David will remain as CFO through our next earnings announcement in June and assist with an orderly transition as we undertake a search for his successor," CHWY says

** Brokerage Oppenheimer views this "as a disappointment given his strong financial leadership and success in helping the company navigate a challenging pet backdrop and actually deliver upside in recent quarters"

** Co expects to release Q1 results on June 11

** Analysts on average expect Q1 profit of 19 cents per share and Q1 revenue of $3.08 billion - data compiled by LSEG

** Including session's move, Chewy up 12.1% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))

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