Business
Five Below Announces Planned Board Chair Transition Following 2025 Annual Meeting And Raises Outlook for First Quarter of 2025
PHILADELPHIA, PA, May 02, 2025 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE), the trend-right, high-quality extreme-value retailer for pre-teens and
About this update from Five Below, Inc.
[{"type":"text","content":"PHILADELPHIA, PA, May 02, 2025 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE), the trend-right, high-quality extreme-value retailer for pre-teens and teens, announced that Tom Vellios, the Company’s co-founder and Executive Chair, will transition into an advisory role to the Five Below Board and management through the end of calendar year 2025, and thus not stand for re-election to the Board at the Company’s 2025 Annual Meeting of Shareholders scheduled for June 12, 2025. As a result, his employment as Executive Chair will conclude as of the Annual Meeting date. Following the meeting, and assuming his re-election by shareholders, current director Mike Devine, a 12-year Board veteran, is expected to be appointed non-executive Chair of the Board. Mr. Devine brings substantial public company board experience to the role, having served as Chair of the board of Deckers Outdoor Corporation since 2020. Mr. Vellios said, “I co-founded Five Below in 2002 with one goal – to become THE destination for pre-teens and teens by delivering trend-right, high-quality product at extreme value in a fun shopping experience. Nearly 23 years later, with a maniacal focus on working back from the customer and the efforts from extraordinary teams, we’ve become an iconic, leading value retailer with over 1,800 stores and growing. Last summer, we had a mandate to restore that focus and the performance this business should deliver. With the amazing talent we have across the company, we executed the reset and swiftly got the business back on track in the third quarter by focusing on product, value and store experience, and we built on this progress in the fourth quarter. Our customer focus has sharpened with Winnie Park as CEO and she has intensified the reinvigoration of the business, helping drive the strong first quarter performance we are previewing today in our updated guidance. As I transition to an advisory role, I am excited about Five Below’s next chapter under Winnie’s leadership and with Mike’s steady hand and deep knowledge of Five Below as the incoming Chair.” Ms. Park, CEO of Five Below, shared, “Tom’s unwavering commitment to the customer and delivering trend-right product at extreme value are our North Star. It is our core mission, and the Five Below team is energized to deliver that mission with even greater focus and clarity. We contin...