Consumer
Petco’s New CEO Left Five Below the Day Before Shares Tanked 25%
- Joel Anderson left Five Below as slashed its guidance Tuesday
- Anderson joins Petco after nearly a decade as Five Below CEO
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Petco Health & Wellness Co. named Joel Anderson as its new chief executive officer on Wednesday, just one day after he left Five Below Inc. amid a forecast cut that sent its stock plunging 25%.
Five Below announced Anderson, who led the company for nearly 10 years, was stepping down on Tuesday as it cut its guidance for the second time this year. Five Below’s stock then plunged on Wednesday, losing just over a quarter of its share price.