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Five Below Seeks President As COO Departs

COO David Johnston is leaving Five Below, Inc. the company announced. Johnston’s departure from the specialty tweens retailers becomes effective August 31.

“We appreciate David’s contributions over the past year, and we wish him well in his future endeavors,” Thomas Vellios, co-rounder and CEO, commented in a statement on Johnston’s departure, “As we execute our store growth plans and expand our presence in new and existing markets, we will continue to invest in talent across our organization by filling new roles and expanding the scope of certain roles. With where we are in our growth trajectory, we believe creating a dedicated president position, reporting to me, is the right step for the organization. We are pleased to announce that we have initiated a search for a seasoned retail executive to fill this important role.”