Five Below Added Scott Settersten to Board
The retail chain increased its total board membership to ten directors following the new appointment.
Updated on Sept. 23, 2026 in Corporate Finance
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Five Below has appointed former Ulta Beauty executive Scott Settersten to its Board of Directors. The appointment, which became effective September 21, 2026, coincides with an expansion of the board to ten members.
Why it matters
The addition of a veteran financial executive brings significant leadership experience to the company's oversight team. This move aims to bolster the board's expertise as the retailer continues managing its operations across the country.
Five Below now oversees a board of 10 directors to support its footprint of over 2,000 stores in 47 states. The appointment follows Settersten's 12-year tenure at Ulta Beauty and 15-year career at PricewaterhouseCoopers LLP.
The players
Scott Settersten
He is a former Chief Financial Officer of Ulta Beauty who also spent 15 years at PricewaterhouseCoopers LLP.
Five Below
This Philadelphia-based retailer operates over 2,000 discount stores across 47 states in the United States.
The details
Scott Settersten will join the Audit Committee, leveraging his extensive background in financial leadership and corporate governance. The board expanded its total size to accommodate his entry, reflecting a growth-oriented approach to corporate oversight.
Timeline
Scott Settersten served as Chief Financial Officer of Ulta Beauty from 2012 to 2024.
He served as a director and audit committee member of Kimball International from 2020 to 2023.
The appointment of Scott Settersten became effective September 21, 2026.
Five Below formally announced the board appointment on September 23, 2026.
Market Landscape
This appointment reflects a broader trend of mid-cap retailers recruiting seasoned financial executives to navigate complex scaling challenges. By securing leadership with deep experience at established chains like Ulta Beauty, the company positions itself for continued stability.
The changes at the board level generally do not result in immediate modifications to store pricing or the in-store shopping experience. Customers can expect typical operations to continue across all 2,000 retail locations without disruption.
The takeaway
Board appointments of this caliber often signal a shift toward more rigorous financial oversight and internal audit controls. Investors and stakeholders should monitor upcoming filings to see if this change leads to altered long-term fiscal strategies.
Further reading
For more on how major retailers structure their leadership teams, visit the Corporate Finance section.
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