FIVE Below has named a new interim CEO and announced that the search for a permanent CEO is underway.
Acting CEO Joel Anderson stepped down from his roles as president and CEO and the board of directors on Tuesday “to pursue other interests,” according to a company memo.
two
Kenneth Bull, Five Below’s chief operating officer, was named the company’s interim CEO and president on Tuesday.
Thomas Vellios, co-founder, chairman and former CEO, was also announced to take on the role of executive chairman on an interim basis.
“I am honored to assume the role of interim president and CEO of Five Below,” Bull said in a statement.
Our talented team and I will intensify our focus to deliver ‘Wow’ products at incredible value to our customers with a unique, fun and engaging store experience,” continued the new CEO.
“We have a highly experienced management team and a deep talent pool across the organization that I am proud to work with.”
As always, we are committed to delivering on our promise of extreme value to our customers while driving profitable growth for our shareholders,” said Bull.
Vellios added that he and the rest of the company “want to thank Joel for his contributions to Five Below and we wish him the best in the future.”
“I have enormous confidence in Ken and the senior leadership team who will continue to execute our growth strategy,” added the new executive chairman.
“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,” continued Vellios.
“He played a key role.”
This announcement comes two weeks after the retailer announced it would replace self-checkout with store employees in an effort to curb shoplifting, according to NBC News.
But the chain’s shoppers have since complained about unnecessarily long waiting times to complete purchases of just a few items.
Some consumers have even begun threatening to switch to online shopping or opting for curbside pickup to avoid trips to the store.
Many customers said these anti-theft measures ruined their in-person shopping experience.
More to follow… For the latest on this story, come back often to The US Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping photos and must-see attractions. videos
Like us on Facebook at TheSunUSA and follow us on X at @TheUSSun
This story originally appeared on The-sun.com read the full story
