Five Below on hunt for a new CFO
Five Below has promoted a 17-year company veteran.
The tween and teen discounter has promoted Kenneth Bull, chief financial officer and treasurer, to the role of COO. He will continue to serve as CFO while Five Below conducts a search for a new finance head.
Bull has served as CFO and treasurer since 2012. He joined Five Below as senior VP, finance in 2005 and has also served as secretary. Previously, Bull served in various senior finance roles at other retail organizations, including Urban Outfitters.
“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,” said Five Below president and CEO Joel Anderson. “He is the perfect candidate for the role of COO and this is the ideal time for us to add this position.”
Anderson added: “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.”
Announced in 2022, Five Below’s long-term “Triple-Double” vision includes the opening of 375 to 400 new stores during the next two fiscal years, and 550 to 600 new stores over fiscal years 2024 and 2025.
In January, Five Below said it would open the most stores in its history — more than 200 locations — in fiscal 2023. It also plans to convert more than 400 stores to its new “Five Beyond” format, which contains an in-store shop featuring higher-priced items.
“I joined Five Below when we operated just 27 stores,” said Bull. “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.”
Headquartered in Philadelphia, Five Below has over 1,300 stores in 42 states.