Dollar Tree announced a leadership transition as its chief executive stepped down amid a difficult business environment for the discount store, which has seen hundreds of outlets shutting down nationwide.
“Rick Dreiling has stepped down from his position as chairman and chief executive officer, effective as of Nov. 3, 2024,” said a Nov. 4 announcement from the company. The COO, Michael C. Creedon Jr., has been appointed as the interim CEO.
“With my health presenting some new challenges over the past two months, the time is right for me to step away and focus on myself and my family,” said Dreiling. “Having worked side-by-side with Mike, I am confident in his strong leadership, deep passion for our business and ability to create value.”
Dreiling assumed the role of the chief executive in January 2023 when he replaced Mike Witynski, who had been CEO since 2020. At the time, Dollar Tree operated 16,293 stores.
On Friday, Dollar Tree shares closed at $66.60. On Monday, coinciding with the announcement, shares jumped almost 5 percent to a peak of $69.90, but have since come down, and were trading at $66.82 as of 10:42 a.m. ET on Tuesday. […]
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