Five Below says its CEO and President Joel Anderson has stepped down amid languishing sales at the discount retailer catering to teens. The company also cut its financial outlook for the current quarter. Five Below has been wrestling with slower spending from its lower-income shoppers and increasing theft.
NEW YORK — Five Below said Tuesday that its CEO and President Joel Anderson has stepped down amid languishing sales at the discount retailer catering to teens.
Five Below said long-time executive Kenneth Bull will serve as interim president and CEO, effective immediately, while the board searches for a permanent chief executive. Bull has been with the company for nearly two decades, including 11 years as chief financial officer and most recently as chief operating officer. Thomas Vellios, co-founder, non-executive chairman and former CEO, is assuming the role of executive chairman.
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