Chesapeake, Virginia Due to Rick Dreiling’s resignation, which took effect on November 3, Dollar Tree has chosen a new chairman and appointed an interim CEO.
In March 2022, Dreiling became executive chairman of Dollar Tree’s board. In January 2023, he was also named CEO. From 2008 to 2015, he was the CEO and chairman of rival Dollar General.
“The time is right for me to take a break and concentrate on myself and my family, as my health has presented some new challenges over the past two months,” Dreiling stated.
In order to find Dreiling’s replacement, the business has named Michael Creedon Jr., its most recent chief operating officer, as interim CEO. The board’s chairman is Edward Kelly III, the lead independent director.
The board’s vice chair, Paul Hilal, stated that Mike is ready for this new position. It builds on the significant achievements he made and the extension of his duties earlier in the year.
Dollar Tree Inc. announced the adjustments Wednesday afternoon along with a strategic rethink of its Family Dollar business’s future, which may involve a spin-off or sale.
It said, “The process is proceeding according to plan, and the company and its advisors continue to make good progress.”
The business also stated that its consolidated Q3 revenues “tracked well through the quarter” and restated its earlier outlook for the time frame. With comp growth in the low single digits for the entire firm as well as the Dollar Tree and Family Dollar sectors, the prediction calls for net sales to rise to $7.4 billion to $7.6 billion from $7.3 billion in the third quarter of the previous year.
On December 4, Dollar Tree Inc. anticipates releasing its financial results for the third quarter.
With $612 million in total soft home sales in 2023, the company was the 14th largest retailer of home textiles.
