Five Below CEO resigns, interim leadership appointed; Q2 comp sales decline and guidance lowered

FIVE BELOW, INC

CEO Joel D. Anderson resigned immediately, not due to any disagreement with the company.
COO Kenneth Bull appointed interim President and CEO; co-founder Thomas Vellios named interim Executive Chairman.
Board has commenced a search for a permanent CEO.
Q2 FY2024 guidance revised: sales $820-$826M, comparable sales down ~6-7%, diluted EPS $0.53-$0.56.
For the first 10 weeks of Q2, total sales rose 9.5% but comparable sales fell 5.0% versus prior year.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Kenneth R. Bull

President and Chief Executive Officer

FIVE · FIVE BELOW, INC

Effective: 2024-07-15
Filed: July 16, 2024, 7:59 PM ET

On July 15, 2024, the Board appointed Mr. Kenneth R. Bull, the Chief Operating Officer of the Company, to also serve as the Company’s President and Chief Executive Officer on an interim basis while the Company conducts a search for Mr. Anderson’s permanent replacement.

Appointed (interim)

Thomas G. Vellios

Executive Chairman of the Board

FIVE · FIVE BELOW, INC

Effective: 2024-07-15
Filed: July 16, 2024, 7:59 PM ET

On July 15, 2024, the Board appointed Thomas G. Vellios, the Company’s Non-Executive Board Chairman, as Executive Chairman of the Board of Directors also on an interim basis.

Departed (interim)

Joel D. Anderson

President and Chief Executive Officer

FIVE · FIVE BELOW, INC

Effective: 2024-07-15
Successor: Kenneth R. Bull
Filed: July 16, 2024, 7:59 PM ET

On July 15, 2024, Joel D. Anderson, President and Chief Executive Officer of Five Below, Inc. (the “Company”), notified the Company’s Board of Directors (the “Board”) that he was resigning as President and Chief Executive Officer and a member of the Board effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Kenneth R. Bull was appointed as President and Chief Executive Officer at FIVE BELOW, INC.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On July 15, 2024, the Board appointed Mr. Kenneth R. Bull, the Chief Operating Officer of the Company, to also serve as the Company’s President and Chief Executive Officer on an interim basis while the Company conducts a search for Mr. Anderson’s permanent replacement.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas G. Vellios was appointed as Executive Chairman of the Board at FIVE BELOW, INC.

Action: appointed
Role: Executive Chairman of the Board

Exact text from the filing

On July 15, 2024, the Board appointed Thomas G. Vellios, the Company’s Non-Executive Board Chairman, as Executive Chairman of the Board of Directors also on an interim basis.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Joel D. Anderson resigned as President and Chief Executive Officer at FIVE BELOW, INC.

Action: resigned
Role: President and Chief Executive Officer

Exact text from the filing

On July 15, 2024, Joel D. Anderson, President and Chief Executive Officer of Five Below, Inc. (the “Company”), notified the Company’s Board of Directors (the “Board”) that he was resigning as President and Chief Executive Officer and a member of the Board effective immediately.

View on SEC.gov

FIVE BELOW, INC filing history →

Source: SEC EDGAR

accession 0001193125-24-179669

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