Five Below Names New CFO, Frank Conforti

TL;DR

Five Below gets a new CFO, Frank Conforti, starting Oct 7th with a $500K salary + equity.

AI Summary

Five Below, Inc. announced on September 18, 2024, the appointment of Frank J. Conforti as its new Chief Financial Officer, effective October 7, 2024. Conforti previously served as Executive Vice President and Chief Financial Officer at The Michaels Companies, Inc. He will receive an annual base salary of $500,000 and is eligible for a discretionary annual bonus. Additionally, he will be granted an initial equity award of $1,500,000 in the form of restricted stock units.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy moving forward.

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $500,000 — CFO Annual Salary (Base compensation for Frank Conforti.)
• $1,500,000 — CFO Equity Award (Initial restricted stock units granted to Frank Conforti.)

Key Players & Entities

• Five Below, Inc. (company) — Registrant
• Frank J. Conforti (person) — Appointed Chief Financial Officer
• October 7, 2024 (date) — Effective date of CFO appointment
• The Michaels Companies, Inc. (company) — Previous employer of new CFO
• $500,000 (dollar_amount) — Annual base salary for new CFO
• $1,500,000 (dollar_amount) — Initial equity award for new CFO

FAQ

From the Filing

0001193125-24-221442.txt : 20240918 0001193125-24-221442.hdr.sgml : 20240918 20240918165653 ACCESSION NUMBER: 0001193125-24-221442 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240918 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240918 DATE AS OF CHANGE: 20240918 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIVE BELOW, INC CENTRAL INDEX KEY: 0001177609 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 753000378 STATE OF INCORPORATION: PA FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35600 FILM NUMBER: 241308166 BUSINESS ADDRESS: STREET 1: 701 MARKET STREET STREET 2: SUITE 300 CITY: PHILADELPHIA STATE: PA ZIP: 19106 BUSINESS PHONE: 215 546 7909 MAIL ADDRESS: STREET 1: 701 MARKET STREET STREET 2: SUITE 300 CITY: PHILADELPHIA STATE: PA ZIP: 19106 FORMER COMPANY: FORMER CONFORMED NAME: FIVE BELOW INC DATE OF NAME CHANGE: 20030305 FORMER COMPANY: FORMER CONFORMED NAME: CHEAP HOLDINGS INC DATE OF NAME CHANGE: 20020717 8-K 1 d868491d8k.htm 8-K 8-K FIVE BELOW, INC false 0001177609 0001177609 2024-09-18 2024-09-18     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 18, 2024     FIVE BELOW, INC. (Exact Name of Registrant as Specified in Charter)       Pennsylvania   001-35600   75-3000378 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)   701 Market Street Suite 300 Philadelphia , PA 19106 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (215) 546-7909 Not applicable (Former Name or Former Address, if Changed Since Last Report)     Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common stock   FIVE   The Nasdaq Stock Market LLC Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:     ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)     ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)     ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))     ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.     ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On September 18, 2024, Five Below, Inc. (the “Company”) and Michael F. Romanko, the Company’s Chief Merchandising Officer, entered into an agreement (the “Cessation Agreement”) providing for Mr. Romanko’s retire