Five Below executive chair Tom Vellios to transition into advisory role

Five Below (FIVE) announced that Tom Vellios, co-founder and Executive Chair, will transition into an advisory role to the Five Below Board and management through the end of calendar year 2025, and thus not stand for re-election to the Board at the Company’s 2025 Annual Meeting of Shareholders scheduled for June 12, 2025. As a result, his employment as Executive Chair will conclude as of the Annual Meeting date. Following the meeting, and assuming his re-election by shareholders, current director Mike Devine, a 12-year Board veteran, is expected to be appointed non-executive Chair of the Board. Mr. Devine brings substantial public company board experience to the role, having served as Chair of the board of Deckers Outdoor Corporation since 2020.