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TheStreet Open House

Five Below Announces Two Key Senior Executive Hires

Stocks in this article: FIVE

Former President and CEO of Walmart.com, Joel Anderson, Named President

Seasoned Retail Operator, Eric Specter, Appointed Chief Administrative Officer

PHILADELPHIA, June 10, 2014 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE), the leading retailer of trend- right, high-quality, extreme-value merchandise for pre-teens, teens and beyond, today announced two key senior executive hires to help drive the continued expansion of the brand.

Joel Anderson has been named President, bringing more than 20 years of experience in the retail sector, most recently as President and CEO of Walmart.com, the multi-billion dollar U.S. dotcom business unit of Wal-Mart. In his new role, he will lead all aspects of merchandising, stores and marketing. Eric Specter has been named Chief Administrative Officer and will oversee supply chain operations, information technology and real estate. Eric brings more than three decades of experience in the retail industry, most recently as Executive Vice President and Chief Integration Officer for Ascena Retail Group as well as Acting President of Catherines. Both will report directly to Tom Vellios, Co-Founder and CEO of Five Below.

"As we look to the future and continue to execute on the tremendous growth opportunity for the Company, adding the right talent in leadership positions has been a key priority. We have been actively engaged in a search for the right candidate to fill the role of President and we are incredibly excited to have someone with Joel's talent and extensive experience joining the Five Below team," said Tom Vellios. "With Joel, we have a proven multi-channel retail leader with an exceptionally strong background across both stores and e-commerce, and the right leadership skills and merchandising vision to help fuel the growth of the Five Below brand."

"Additionally, as we execute the next phase of growth, having a dedicated operational leader like Eric to oversee key infrastructure functions will be a significant asset. Eric's broad based skill set and deep operating experience will help ensure the smooth execution of our long-term growth strategy. With the additions of Joel and Eric, both of which were contemplated in our recently provided fiscal 2014 guidance, we have rounded out our executive team, strengthening our capabilities and positioning Five Below to successfully execute the next chapter of growth. We are confident that we have the right leadership talent and expertise in place to capitalize on the many opportunities that lie ahead."

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