Five Below Added Former Ulta CFO to Board
The discount retailer has expanded its board to ten members as it taps a veteran financial executive.
Updated on Sept. 23, 2026 in Corporate Finance
Live Poll
Should retail companies prioritize hiring finance experts for their boards of directors?
Five Below has appointed Scott Settersten to its Board of Directors and its Audit Committee, effective September 21, 2026. To accommodate the new addition, the company increased its board size to ten members.
Why it matters
The move brings a veteran financial leader with extensive retail experience onto the board of a company operating over 2,000 stores. Settersten previously served as CFO at Ulta Beauty for twelve years and brings prior board experience from Kimball International.
Five Below increased its board membership to 10 directors to accommodate the appointment of Scott Settersten. The company currently operates over 2,000 stores across 47 states.
The players
Five Below
A discount retailer operating over 2,000 stores across 47 states.
Scott Settersten
A financial executive who served as CFO of Ulta Beauty from 2012 to 2024 and previously spent 15 years at PricewaterhouseCoopers LLP.
The details
Scott Settersten joins the board after a twelve-year tenure as CFO of Ulta Beauty, which concluded in 2024. He also brings 15 years of experience from his time at PricewaterhouseCoopers LLP. His role includes a seat on the Audit Committee, which oversees the company's financial reporting and internal controls.
Timeline
September 21, 2026: Appointment of Scott Settersten became effective.
September 23, 2026: Five Below announced the board appointment.
Market Landscape
This appointment follows Settersten's prior governance experience during his board tenure at Kimball International from 2020 to 2023. It reflects a broader trend of retail companies recruiting former CFOs to navigate complex multi-state operational oversight.
Operators should monitor how the board composition shift impacts the retailer's audit and financial reporting standards. The addition of a former long-term CFO suggests a heightened focus on financial discipline and governance for the growing store chain.
The takeaway
The appointment of a long-tenured CFO signals a strategic emphasis on strengthening financial oversight as the company manages its 2,000-store footprint. Operators should review their own board competencies to ensure they align with the scale of their current growth phase.
Further reading
For more on industry leadership trends, visit Corporate Finance.
Live Poll
Should retail companies prioritize hiring finance experts for their boards of directors?
