PETCO Animal Supplies, Inc.
He is founder and chairman of Laffer Associates, a San Diego-based economic research and consulting firm that provides investment research services to institutional asset managers. Dr. Laffer was a member of President Reagan's Economic Policy Advisory Board for both of his terms from 1981-1989. From 1972 to 1977, Dr. Laffer was a consultant to Secretary of the Treasury William Simon, Secretary of Defense Donald Rumsfeld and Secretary of the Treasury George Shultz.
Dr. Laffer has been widely acknowledged for his economic achievements. He was noted in Time magazine's 1999 cover story, "The Century's Greatest Minds" for inventing the "Laffer Curve," which it deemed one of " ... a few of the advances that powered this extraordinary century." Dr. Laffer was formerly the Distinguished University Professor of Pepperdine University and was previously on the faculties of the University of Southern California and the University of Chicago.
Dr. Laffer serves on the board of directors of several public companies. "I am very excited to be joining the PETCO board," Dr. Laffer said. "They are well-positioned to capitalize on demographic trends and industry growth opportunities. In addition, I love animals and my family includes several pets."
PETCO Chairman, President and CEO Brian Devine said, "We're thrilled that Dr. Laffer is joining our board team. His diverse economic research and extensive experience will be a tremendous asset to our successful and growing company."
PETCO is a leading specialty retailer of premium pet food, supplies and services. The company's strategy is to offer its customers a complete assortment of pet-related products at competitive prices, with superior levels of customer service at convenient locations. PETCO generated net sales of $1.3 billion in the fiscal year ended February 2, 2002. It operates more than 570 stores in 42 states and the District of Columbia, as well as a leading destination for on-line pet food and supplies at http://www.petco.com/ . The PETCO Foundation, PETCO's non-profit organization, has raised more than $8 million since inception in 1999. More than 700 non-profit grassroots animal welfare organizations from around the nation have received support from the Foundation.
SOURCE: PETCO Animal Supplies, Inc.
CONTACT: James M. Myers, Executive Vice President & Chief Financial
Officer, +1-858-677-3005, or Don Cowan, Communications Director,
+1-858-657-2086, both of PETCO Animal Supplies, Inc.
Web site: http://www.petco.com/
