Five Below, Inc. announced that Tom Vellios, co-founder and Executive Chair, will transition into an advisory role to the Board and management through the end of calendar year 2025. He will not stand for re-election to the Board at the 2025 Annual Meeting of Shareholders scheduled for June 12, 2025.
Following the Annual Meeting, current director Mike Devine, a 12-year Board veteran and Chair of Deckers Outdoor Corporation since 2020, is expected to be appointed non-executive Chair of the Board. This transition marks a significant change in the company's corporate governance structure.
Concurrently, Five Below raised its guidance for the first quarter of fiscal 2025, which ends May 3, 2025. This updated outlook indicates an improved short-term financial performance compared to previous expectations, reflecting positive momentum in the business.
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