Five Below co-founder and executive chairman Tom Vellios will be stepping down for his executive role as part of the Philadelphia-based company’s continue leadership turnover, writes Ryan Mulligan for the Philadelphia Business Journal.
After he steps down, effective June 12, Vellios will transition into an advisory role.
He will be replaced by current board member Mike Devine, who previously served nearly a decade as chief financial officer at Coach Inc.
After former CEO Joel Anderson left the company in 2024, Vellios had taken on a more active and involved role with the company.
He was a key part in hiring Winnie Park to become the company’s new CEO back in December.
Five Below was founded in 2002 by Vellios and fellow co-founder David Schlessinger. The latter served as CEO until becoming chairman in 2015.
“We’ve become an iconic, leading value retailer with over 1,800 stores and growing,” Vellios said in a statement. “Last summer, we had a mandate to restore that focus and the performance this business should deliver. With the amazing talent we have across the company, we executed the reset and swiftly got the business back on track.”
Read more about the changes coming to Five Below’s executive ranks in the Philadelphia Business Journal.
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