Five Below, a popular retailer, is currently in search of a new permanent CEO following the recent resignation of Joel Anderson. The company has appointed Kenneth Bull as the interim president and chief executive officer, stepping into the role immediately.

Joel Anderson, who held the positions of president and CEO, as well as a seat on the board of directors, has chosen to resign to pursue other interests. In light of this change, Thomas Vellios, the co-founder, non-executive chairman, and former CEO, will take on the role of the company’s executive chairman on an interim basis. The board of directors will initiate a search for a permanent CEO to fill the position.

Vellios expressed his confidence in Kenneth Bull and the senior leadership team, emphasizing their commitment to executing the company’s growth strategy. Bull, who has been with Five Below for nearly two decades, previously served as the CFO for 11 years and most recently as the COO, bringing extensive experience and knowledge of the business.

Despite the leadership transition, Bull reassured that Five Below remains dedicated to providing extreme value to customers and driving profitable growth for shareholders. He highlighted the highly experienced management team and the talented individuals within the organization.

On a financial note, Five Below reported a 5% decrease in comparable store sales for the 10-week period ending July 13 compared to the previous year. The retailer anticipates sales for the fiscal second quarter, ending August 3, to fall within the range of $820 million to $826 million, with comparable store sales expected to decline by 6% to 7%.

As the back-to-school shopping season kicks off and the fourth quarter approaches, Anderson’s departure marks a significant moment for Five Below. The company’s focus remains on delivering value to customers and achieving growth, even amidst the change in leadership.

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