Dollar Tree CEO Rick Dreiling steps down
Dollar Tree announced that Rick Dreiling has stepped down from his position as chairman and CEO, effective as of Nov. 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 elected chairman. The Board is conducting a search process to identify a permanent CEO, which will include internal and external candidates.
“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. “I have been honored to serve the customers and associates of Dollar Tree and Family Dollar since 2022. Having worked side-by-side with Mike, I am confident in his stong leadership, deep passion for our business and ability to create value.”
[Read more: Dollar Tree plans to close about 1,000 stores]
Kelly said, “On behalf of the entire Board, I want to thank Rick for his leadership and for his contributions to the company during his tenure. We support Rick’s focus on his health and wish him all the best. We are fortunate to have a talented leader in Mike Creedon to step in and help drive us forward.”
Paul Hilal, vice chair of the board of directors, said, “Mike is well-prepared for this new role. It builds upon his important contributions and the expansion of his responsibilities earlier this year. The entire Board is grateful for Rick’s partnership, and his efforts building up and positioning the team for a seamless transition.”
“The entire Dollar Tree team is grateful to have worked so closely with Rick. Looking forward, we are well-prepared to help both banners reach their fullest potential," Creedon said. “We are excited about our current trajectory and are focused on delivering a successful holiday season. We will continue accelerating growth at Dollar Tree, and we remain focused on identifying the best path forward for Family Dollar.”
Creedon has served as chief operating officer of Dollar Tree since he joined the company in 2022, and added oversight of Dollar Tree and Family Dollar Merchandising and Supply Chain to the scope of his role in Feb. 2024. Before joining Dollar Tree, Creedon held several leadership roles at Advance Auto Parts for almost nine years, most recently as executive vice president and president of U.S. stores. He also held executive positions with Tyco International and ADT Security. Creedon holds a Bachelor of Arts degree in economics from Middlebury College.
[Read more: Dollar Tree appoints new CEO]
Kelly joined Dollar Tree’s board of directors in 2022 and was first elected as lead independent director by his fellow directors in March 2022 and re-elected in 2023 and 2024. He is the retired chairman of the Institutional Clients Group of Citigroup. He currently serves on the board of directors of Citizens Financial Group and MetLife.
Company Reiterates Third Quarter 2024 Outlook
Third quarter same store net sales tracked well through the quarter, and the company is reiterating the third quarter outlook provided on Sept. 4, 2024. The company expects to report its third quarter financial results on Dec. 4, 2024.
Family Dollar Strategic Review Progressing
The company also said it is reiterating its commitment to completing its formal review of strategic alternatives for the Family Dollar business segment, which could include among others, a potential sale, spin-off or other disposition of the business. The company and its advisors continue to make good progress, and the process is moving forward as planned, Dollar Tree said.