Dollar Tree Announces Leadership Changes and Confirms Third Quarter Fiscal Outlook

Dollar Tree, Inc. (NASDAQ: DLTR) has announced that Rick Dreiling stepped down from his roles as Chairman and CEO on November 3, 2024, due to recent health challenges. In his place, Chief Operating Officer Michael C. Creedon Jr. has been appointed as Interim CEO, while Lead Independent Director Edward (Ned) J. Kelly III will now serve as Chairman. The board has initiated a search for a permanent CEO, which includes both internal and external candidates.

Reflecting on his decision, Dreiling expressed that stepping down felt necessary, allowing him to prioritize his health and family. “I have been honored to serve the customers and associates of Dollar Tree and Family Dollar since 2022,” he said, adding that he has full confidence in Creedon’s leadership and dedication to the business.

Ned Kelly, speaking on behalf of the board, extended gratitude to Dreiling for his contributions, while Paul Hilal, Vice Chair of the Board, affirmed the board’s confidence in Creedon’s experience, noting the recent expansion of his responsibilities as COO. Creedon also expressed enthusiasm about Dollar Tree’s strategic direction and focus on the upcoming holiday season, along with the company’s efforts to unlock the full potential of both the Dollar Tree and Family Dollar brands.

In financial updates, Dollar Tree reiterated its third-quarter 2024 outlook, noting steady same-store sales throughout the quarter, with detailed results expected on December 4, 2024. The company also continues to review strategic alternatives for its Family Dollar segment, including possibilities such as a sale, spin-off, or other reorganization, with progress proceeding as scheduled.

Leadership Backgrounds:

  • Michael C. Creedon Jr.: Creedon joined Dollar Tree as COO in 2022, bringing prior experience from Advance Auto Parts, Tyco International, and ADT Security.
  • Edward J. Kelly III: Serving as Lead Independent Director since 2022, Kelly has a background with Citigroup and currently sits on the boards of Citizens Financial Group and MetLife.

Dollar Tree operates over 16,300 stores across North America under the Dollar Tree, Family Dollar, and Dollar Tree Canada brands.

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