Five Below, Inc.
Five Below, Inc. Announces Retirement of Chief Merchandising Officer
Summary
On September 18, 2024, Five Below, Inc. announced the retirement of its Chief Merchandising Officer, Michael F. Romanko, effective November 17, 2024. As part of his retirement agreement, Mr. Romanko will receive a lump sum payment of $821,445.53 and remain available until May 17, 2025 to assist with the transition of his duties. Following his departure, Andy Kunselman, SVP, General Merchandising Manager, will report directly to Kenneth R. Bull, interim President and CEO. The Cessation Agreement is filed as Exhibit 10.1 to this report.
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About Five Below, Inc.
Five Below, Inc. is a specialty discount retailer that offers a diverse range of products primarily aimed at tweens, teens, and young adults, all at affordable prices ranging typically from $1 to $5. Its primary function is to provide a fun shopping experience with an ever-changing product assortment, which includes items such as toys, tech accessories, games, fitness goods, and home décor. The company plays a pivotal role in the retail sector, particularly focusing on value-driven merchandising and the expectation of fun bargains, impacting consumer spending habits, especially among younger demographics. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below has expanded rapidly across the United States, strategically placing stores in high-traffic locations like strip malls and shopping centers. This positions Five Below as a significant player in the discount retail market, appealing to cost-conscious consumers with its unique and dynamic shopping environment.
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