Petsmart Chief Financial Officer Resigns

Petsmart Inc. said its chief financial officer, Susan Schnabel, resigned to pursue other opportunities. The operator of pet-supply stores said Executive Vice President C. Donald Dorsey will serve as chief financial officer during the search for Schnabel’s successor. Petsmart said Dorsey had served as chief financial officer from March 1989 until January 1997. Executives at the Phoenix-based company didn’t immediately return phone calls. For the year to date, Petsmart stock has fallen 64% amid concerns about slow growth of sales and inventory management problems. Shares touched a 52-week high of $26.25 in November 1996. Petsmart operates about 381 stores in North America and 77 stores in Britain. For its fiscal third quarter ended Nov. 2, Petsmart reported profit after a charge of $180,000, or break-even on a per-share basis, compared with $10.4, or 9 cents, a year earlier. Shares rose 16 cents to close at $7.81 on Nasdaq.