Philadelphia — Extreme value retailer Five Below, Inc. has appointed Kenneth Bull as interim president and chief executive officer, effective immediately, following the resignation of Joel Anderson.
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 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,” says 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.”
Five Below is a leading high-growth value retailer with most items priced between $1 and $5. Philadelphia-based Five Below was founded in 2002 and has more than 1,600 stores in 43 states. For more information, visit www.fivebelow.com.
SOURCE: Five Below