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September 26, 2022

Covetrus adds to C-suite with former Petco exec

Covetrus (Nasdaq: CVET), a Portland-based animal health services company that will soon be under new ownership in a $4 billion take-private deal set to be voted on by shareholders Oct. 11, is adding to its C-Suite with a chief people officer.

Michelle Bonfilio, formerly chief human resources at Petco Health and Wellness Co. Inc. (Nasdaq: WOOF), started at Covetrus on Sept. 19, reporting to President and CEO Ben Wolin.

Portrait Michelle Bonfilio
Courtesy / Covetrus
Michelle Bonfilio recently started as chief people officer at Covetrus.

In her role, Bonfilio will oversee the human resources  and communications organizations and help shape the culture of the company.

“Michelle has a proven track record of empowering teams to achieve results, driving an inclusive culture and aligning purpose to the work employees do each day,” Wolin said, “At Covetrus, she will champion the fact that our employees worldwide are at the core of our mission to drive better outcomes — both business and health care — for veterinarians across the globe. In addition, Michelle is one of those rare executives who can translate business objectives into operational strategies that drive transformation and performance for employees, the company and its stakeholders.”

The appointment, announced Monday, comes about a month after Covetrus named Margie B. Pritchard as general counsel and corporate secretary.

Before joining Covetrus, Bonfilio served as chief human resources officer at Petco, where she was a key leader in the company’s evolution and repositioning as a “digital-forward” provider of pet health and wellness. 

Bonfilio has broad experience across consumer retail, CPG and healthcare sectors. During her extensive career, she’s held numerous executive positions within human resources at companies including Delta Dental, Big Heart Pet Brands and Gap Inc.

“I am thrilled to join Covetrus and its team and be part of the company’s relentless dedication to veterinarians and to help enable better outcomes and care for pets and animals around the globe,” said Bonfilio.

Bonfilio is a graduate of the University of California, Davis, and is a certified executive coach.

Based on revenue in fiscal year 2020, Covetrus was ranked Maine's largest public company in the 2022 Mainebiz Book of Lists. As of Monday's market close, Covetrus shares have a current market value of around $2.92 billion.

The company is being acquired but Clayton, Dubilier & Rice and TPG Capital, in a $21 per share cash deal announced in May, representing an enterprise value of around $4 billion.

The deal comes amid a private equity buyout spree, with U.K.-based investment data company Preqin predicting in a July report that last year's $118 billion record deal total will be surpassed in 2022.

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