Philadelphia - David Johnston, COO of Five Below, Inc., will leave his position at the company effective Aug. 31. In the wake of his departure, the company is seeking a president who will report directly to co-founder and CEO Thomas Vellios.
"We appreciate David's contributions over the past year and we wish him well in his future endeavors,” said Vellios. “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."
Johnston joined Five Below in June 2012 after serving as CFO of Wawa Inc. for seven years. He will receive half of his annual salary of $400,000 and 43,250 stock options will vest and become exercisable at the time of his departure. He will not be able to work for another fixed price or party goods retailer for one year, with an SEC filing by Five Below listing Dollar Tree and Party City as examples.
Five Below, which went public around the time Johnston joined the company, operates 258 stores and plans to open 60 new stores by the end of the year. Neither Johnston nor Five Below has publicly indicated the reason for Johnston’s departure.