Exhibit 99.1
NEWS RELEASE
Five Below, Inc. Announces Promotion of Kenneth Bull to Chief Operating Officer to Drive Triple Double
PHILADELPHIA, PA – (March 13, 2023) – Five Below, Inc. (NASDAQ: FIVE) (“Five Below” or the “Company”) announced today that Kenneth Bull, Chief Financial Officer and Treasurer, has been promoted to the role of Chief Operating Officer. The Company will conduct a search for a new Chief Financial Officer, and Mr. Bull will continue to serve in this role until a new CFO is appointed.
Joel Anderson, President and CEO of Five Below, stated, “During his 17-year tenure with Five Below, including 11 years as Chief Financial Officer, Ken deftly led our 2012 transition into a public company, successfully developed our finance function and team, and instilled a culture of discipline across the organization with an unwavering commitment to financial stewardship that has been key to our growth and profitability. He is the perfect candidate for the role of COO and this is the ideal time for us to add this position.”
“Five Below has a long runway of growth and ample opportunities to increase productivity. Ken’s new role positions him to focus on important building blocks of our Triple Double growth vision including talent, systems and processes. With his significant experience and deep knowledge of the Company and its operations, Ken is uniquely qualified to excel in his new role. We are fortunate to be able to leverage his leadership and skills to recruit and onboard a new CFO while ensuring a smooth transition,” Mr. Anderson added.
Ken Bull stated, “I joined Five Below when we operated just 27 stores. As incredible as our growth has been since then, I could not be more excited about our future opportunities, assuming the role of COO and driving the initiatives that support our Triple Double growth vision. The success we have enjoyed to date is a testament to the caliber of our people and I am thankful to the entire team for building Five Below into the company it is today. It has been a privilege to work alongside an extremely talented team, and I’m looking forward to driving the next chapter of growth at Five Below.”
Mr. Bull has served as Chief Financial Officer and Treasurer since 2012. He joined Five Below as Senior Vice President, Finance in 2005 and has also served as Secretary. Previously, Mr. Bull served in various senior finance roles at other retail organizations including Urban Outfitters, Inc.
As a reminder, a conference call to discuss the financial results for the fourth quarter and full year of fiscal 2022 is scheduled for March 15, 2023, at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call.
Forward-Looking Statements:
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect management’s current views and estimates regarding the Company’s industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, store count potential and other financial and operating information. Investors can identify these statements by the fact that they use words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
