8-K: Chewy Appoints Chris Deppe as New CFO

Chewy, Inc. announced the appointment of Chris Deppe as its new Chief Financial Officer, effective February 23, 2026, while reaffirming its fiscal year 2025 guidance and long-term Adjusted EBITDA target.

Summary

• Chewy, Inc. appointed Christopher S. Deppe as Chief Financial Officer and principal financial officer, effective February 23, 2026.
• Mr. Deppe, previously Chewy's Vice President of Finance, brings over 20 years of finance and operations leadership experience, including 16 years at Amazon.
• William Billings was removed as interim principal financial officer but continues as Chief Accounting Officer; his removal was not due to any disagreement.
• Mr. Deppe's compensation package includes an annual base salary of $450,000, eligibility for a 100% target annual bonus, an annual equity grant valued at 800% of his base salary, and a one-time equity grant valued at $8,781,141.
• Chewy reaffirmed its financial outlook, including guidance for fiscal year 2025 and its long-term Adjusted EBITDA margin target of 10%.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive development, as the appointment of an experienced CFO and the reaffirmation of financial guidance provide stability and confidence in the company's strategic direction and financial health.

Positives

• Appointment of an experienced finance leader, Chris Deppe, with a strong background at Amazon and within Chewy.
• Reaffirmation of fiscal year 2025 guidance and commitment to the long-term Adjusted EBITDA margin target of 10%.
• Continuity in the Chief Accounting Officer role with William Billings remaining.
• The interim CFO's removal was not due to any disagreements regarding operations, policies, practices, financial disclosures, or accounting matters.

Negatives

• The compensation package for the new CFO includes significant equity grants, which could lead to dilution if not managed effectively, though this is standard for executive appointments.

Risks

• Forward-looking statements are subject to substantial risks and uncertainties that could cause actual results to differ materially, including risks related to business strategy, plans, and ability to attract and retain employees.
• Other risks, uncertainties, and factors are described in the company's Annual Report on Form 10-K and other SEC filings.

Future Outlook

Chewy reaffirmed its financial guidance for fiscal year 2025 and expressed confidence in a successful fiscal year 2026. The company's long-term plan remains intact, with strong business momentum, and it remains on track to achieve a long-term Adjusted EBITDA margin profile of 10% as previously outlined at its Investor Day.

Management Comments

• "Chris is a proven finance leader who delivers results, builds strong partnerships, and executes with discipline. His deep institutional knowledge and relentless focus on performance position us well to drive durable, profitable, capital-efficient growth." Sumit Singh, CEO of Chewy.
• "I am excited and honored to serve as Chief Financial Officer and to help lead Chewy’s next chapter. Together with our talented teams, we will remain focused on disciplined execution, strengthening our financial foundation, and delivering sustainable long-term value for our customers, partners, and shareholders." Chris Deppe, CFO of Chewy.

Industry Context

StockSavvy.ai notes that the appointment of an internal candidate with extensive experience at a major e-commerce player like Amazon, coupled with Chewy's reaffirmation of its financial outlook, signals a focus on operational efficiency and disciplined growth within the competitive online pet supply market. This move aligns with broader industry trends where companies prioritize strong financial leadership to navigate evolving market dynamics and supply chain complexities.

Management Changes

Related Party Transactions

• No familial relationships or related party transactions with the Company that would require disclosure under Items 401(d) or 404(a) of Regulation S-K in connection with Mr. Deppe's appointment.

Stakeholder Impact

• Shareholders: The appointment of an experienced CFO and the reaffirmation of financial guidance could instill confidence, potentially stabilizing or positively influencing share price. The significant equity compensation for the new CFO could lead to minor dilution over time.
• Employees: The appointment of an internal candidate to a key executive role can be seen as a positive for internal career progression and morale.
• Customers/Partners: A strong financial leadership team supports the company's ability to maintain competitive pricing, invest in services, and ensure operational stability.

Next Steps

• Board approval for Mr. Deppe's 2026 annual equity grant and one-time equity grant following the CFO Employment Date.
• Attachment of Mr. Deppe's Offer Letter as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2026.
• Continued focus on disciplined execution, strengthening the financial foundation, and delivering sustainable long-term value.

Key Dates

Recommendation

The appointment of a new CFO with a strong background, especially an internal promotion, provides stability and continuity in financial leadership. The reaffirmation of fiscal year 2025 guidance and the long-term Adjusted EBITDA target are positive signals, indicating the company is on track. However, this filing primarily concerns an executive change and reiterates existing guidance rather than presenting new, significantly impactful financial results or strategic shifts that would warrant a 'buy' or 'sell' recommendation. It reinforces the current trajectory, suggesting a 'hold' position for investors awaiting further operational updates or earnings reports.

Keywords

Chewy, CHWY, CFO, Chief Financial Officer, Executive Appointment, Financial Outlook, Adjusted EBITDA, SEC Filing, Corporate Governance, Pet Supplies, E-commerce