Five Below (NASDAQ:FIVE) has launched a search for an executive to replace one of its top managers. The company announced that COO David Johnston will step down from his position effective August 31. No reason was given for his departure.

Five Below indicated that the person who takes on Johnston's duties will have a different job title. In the press release announcing the news, the firm quoted co-founder and CEO Thomas Vellios as saying that "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."

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