Five Below (NASDAQ:FIVE) stock is taking a beating on Wednesday after the retail company announced the departure of CEO Joel Anderson.
Anderson has immediately resigned from his roles as president and CEO of Five Below. This has the company seeking out a permanent replacement for him.
Until a new CEO is found, Chief Operating Officer Kenneth Bull is serving as the interim president and CEO. At this time, Tom Vellios, the company’s co-founder and former CEO, is stepping up as interim executive chairman to support Bull.
Vellios said the following about Bull serving as interim CEO of Five Below:
“I have tremendous confidence in Ken and the senior leadership team who will continue to execute on our growth strategy. Ken has been an integral part of the Five Below team for nearly two decades, including leading the Company for 11 years as CFO and most recently as COO, with significant experience and deep knowledge of our business.”
FIVE Stock Slips on Updated Guidance
In this CEO update, Five Below also provided new outlooks for the year’s second quarter. That includes revenue ranging from $820 million to $826 million and diluted earnings per share between 53 cents and 56 cents. These don’t look good compared to Wall Street’s estimates of $835.9 million in revenue and diluted EPS of 62 cents.
FIVE stock is down 13.5% as of Wednesday morning.
Investors will want to keep reading for more of the most recent stock market stories!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
