Pets at Home postpones CFO appointment

Pets at Home group has delayed the joining date of Graeme Jenkins as group chief financial officer.

In a statement, the company said the appointment had been "postponed" following recent reports of an investigation into supplier payments at Target Australia, Jenkins’ previous employer.

Wesfarmers, parent company of the Australian outfit, is currently investigating deals with about 30 overseas suppliers which helped boost Target's earnings by about $12m (£8.44m), or 25%, in the six months to December 2015, according to the Australian Financial Review.

Separately, the Sydney Morning Herald reported that EY – Westfarmers’ group auditors – had been called in to investigate.

In light of the developments, Pets At Home said: "It is the board's intention that Graeme Jenkins’ joining date will only be finalised once the investigation is concluded or further information becomes available."

Ian Kellett will takeover as group chief executive officer on Monday, in line with previous announcements, the company added.

At 0913 BST, Pets at Home share price was down 0.72% or 1.90p to 263.70p.