FIVE - Five Below Inc. Announces CEO Transition | Benzinga
Kenneth Bull, Chief Operating Officer, appointed interim President and CEO; Tom Vellios, Co-Founder and Chairman, appointed interim Executive Chairman; Board launches search for permanent CEO
Company provides quarter-to-date sales results and updates guidance for the second quarter of fiscal 2024
PHILADELPHIA, July 16, 2024 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ:FIVE), the trend-right, high-quality extreme-value retailer for tweens, teens and beyond, today announced the appointment of Kenneth Bull as interim President and Chief Executive Officer (CEO), effective immediately.
Joel Anderson has stepped down from his roles of President and CEO, and from the Board of Directors, to pursue other interests. Thomas Vellios, Co-Founder, Non-Executive Chairman and former CEO, is assuming the role of Executive Chairman on an interim basis to support Mr. Bull and the executive leadership team in the transition while the Board conducts a comprehensive search for a permanent CEO.
"I have tremendous confidence in Ken and the senior leadership team who will continue to execute on our growth strategy. Ken has been an integral part of the Five Below team for nearly two decades, including leading the Company for 11 years as CFO and most recently as COO, with significant experience and deep knowledge of our business. He has played a pivotal role in architecting our strategic growth plans and leading key supporting initiatives," said Mr. Vellios. "With a long runway for continued growth and industry-leading returns on our new stores, we remain focused on driving sales, optimizing margins and providing customers with the exceptional value they expect from Five Below."
Mr. Vellios continued, "We want to thank Joel for his contributions to Five Below and we wish him the best in the future."
Mr. Bull commented, "I am honored to step into the role as interim President and CEO of Five Below. Our talented team and I will intensify our focus to deliver Wow product at amazing value to our customers with a one-of-a-kind, fun and engaging store experience. We have a highly experienced management team and a deep bench of talent across the organization whom I am proud to work alongside. As always, we are committed to delivering on our extreme value promise to our customers while driving profitable growth for our shareholders." Mr. Bull continued, "I am excited about the future and thankful for the leadership, guidance and support from Tom and our Board as we navigate this transition."
Quarter-To-Date Results and Updated Guidance for the second ...