CEO resigns to join Five Below (NYSE:WMT) CEO Joel Anderson has resigned to join teen value retailer Five Below. Fernando Madeira, previously president of Walmart's Latin American e-commerce division, will fill Anderson's role.

Anderson has been named president of Five Below and is one of two top appointments made by the growing chain. Eric Specter has been named chief administrative officer and will oversee supply chain operations, IT and real estate. Specter was most recently executive VP and CIO at Ascena Retail Group and was acting president at Catherines.

Anderson's departure comes days after Walmart's annual shareholder meeting, where executives emphasized the retailer's digital strategy and omnichannel focus. Walmart is increasingly integrating online into stores with ship-to-store and click-and-collect initiatives.

CEO Doug McMillon spoke extensively about the changing retail landscape, telling media, analysts, shareholders and associates that Walmart was heading confidently into a future largely driven by technology.

Today, e-commerce accounts for just 3 percent of Walmart's annual sales, or $10 billion of Walmart's $466 billion in global annual sales.

But Walmart is investing in growing the business quickly, hiring roughly 1,000 new employees in Silicon Valley, acquiring 12 technology companies in the last three years and opening new online fulfillment centers.

Madeira will fill Anderson's role and will lead's domestic and Latin America teams, as well as other "growth areas" accruing to the company.

Anderson's new position begins July 1, tasked with shepherding the fast-growing Five Below chain, where the focus is on value-oriented teen goods priced between $1 and $5.

"As we look to the future and continue to execute on the tremendous growth opportunity for the Company, adding the right talent in leadership positions has been a key priority. We have been actively engaged in a search for the right candidate to fill the role of President and we are incredibly excited to have someone with Joel's talent and extensive experience joining the Five Below team," said Tom Vellios, president and CEO, Five Below. "With Joel, we have a proven multi-channel retail leader with an exceptionally strong background across both stores and e-commerce, and the right leadership skills and merchandising vision to help fuel the growth of the Five Below brand."

"I see an enormous opportunity ahead to build on the company's solid foundation as we expand the reach of the Five Below brand and continue to elevate how we market, merchandise and connect with our customers," said Anderson, in a statement. "This will strengthen our relationship with our existing customers while drawing new ones to the Five Below experience. I look forward to working with Tom, Eric and the team as we embark on the next chapter of growth for this exciting business."

Anderson and Specter will report directly to Vellios, beginning July 1.

For more:
-See this Five Below announcement

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