Boston, MA 06/11/2014 (wallstreetpr) – Five Below Inc (NASDAQ:FIVE) announced hiring two new chief executives to keep the expansion of the brand continued.
New Leaders
The leading retailer of high quality, extreme value, trendy merchandise focused at pre- teens, teenagers and others has named Joel Anderson as President and Eric Specter as Chief Administrative Officer. Anderson is the former President and Chief Executive Officer of Wal-Mart Stores, Inc. (NYSE:WMT)’s million dollar U.S. dotcom division Walmart.com. He brings his 20 years expertise in the retail sector to Five Below and his duties include leading all aspects of marketing, merchandising and stores. Specter, on the other hand, will manage supply chain operations, real estate and information technology. He has around 30 years of retail experience and had most recently been the Chief Integration Officer and Executive Vice President of Ascena Retail Group. He has also been the Acting President of Catherines. Both the new appointees will report directly to the Co-Founder and CEO of the company, Tom Vellios.
Vellios said that ex- Wal-Mart executive, Anderson, is a proven multi channel leader in the retail industry who has strong experience in stores as well as e-commerce. The company has been vigorously looking for the right candidate to fill the position and he fits in it perfectly, he added. He also said that the company seeks to work on its long term growth strategy, whereby Specter was appointed to manage the company’s critical infrastructure functions.
Wal-Mart Reshuffles
Wal-Mart Stores, Inc. (NYSE:WMT) has also named a replacement for Anderson, who will leave the retail chain on June 20, after having served it for 3 years. His position will be filled by Fernando Madeira, the current President and CEO of Latin America’s Walmart.com. Sao Paolo, Brazil based Madeira has led the company’s Brazilian business unit to grow twice the pace of the market, bringing in four times more traffic.
