Dollar Tree, Inc. (NASDAQ: DLTR) announced that Rick Dreiling has stepped down as Chairman and Chief Executive Officer, effective November 3, 2024. Michael C. Creedon Jr., Chief Operating Officer, has been appointed Interim CEO, while Edward (Ned) J. Kelly, III, Lead Independent Director, has been named Chairman. The Board is actively conducting a search for a permanent CEO, considering both internal and external candidates.
“With new health challenges over the past two months, this is the right time for me to step away and focus on myself and my family,” Mr. Dreiling stated. “It’s been an honor to serve Dollar Tree and Family Dollar since 2022. I am confident in Mike’s leadership, his passion for our business, and his ability to create value.”
Mr. Kelly expressed appreciation for Dreiling’s contributions, saying, “On behalf of the Board, we thank Rick for his leadership and wish him the best as he prioritizes his health. We are fortunate to have Mike Creedon step in and lead us forward.”
Vice Chair Paul Hilal added, “Mike is well-prepared for this role, building on his contributions and expanded responsibilities earlier this year. We’re grateful for Rick’s efforts in positioning the team for a smooth transition.”
Creedon expressed optimism about the company’s future, stating, “We are well-prepared to help both banners reach their fullest potential. We’re focused on a successful holiday season, accelerating Dollar Tree’s growth, and identifying the best path forward for Family Dollar.”
Q3 Fiscal Outlook Reaffirmed
Dollar Tree reiterated its third-quarter outlook provided on September 4, 2024, citing steady performance in same-store sales. The company plans to release its Q3 financial results on December 4, 2024.
Progress in Family Dollar Strategic Review
Dollar Tree confirmed its commitment to exploring strategic alternatives for the Family Dollar segment, including a potential sale, spin-off, or other disposition. The review is progressing as planned, with the company and its advisors making headway.
