Dollar Tree 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 Chief Executive Officer (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 Mr. 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 strong leadership, deep passion for our business and ability to create value.”
Mr. 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, commented, “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,” Mr. 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.”
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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 September 4, 2024. The Company expects to report its third quarter financial results on December 4, 2024.
Family Dollar Strategic Review Progressing
The Company is also 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.
Mike Creedon
Mike Creedon has served as Dollar Tree’s Chief Operating Officer since joining the Company in 2022 and added oversight of Dollar Tree and Family Dollar Merchandising and Supply Chain to the scope of his role in February 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.
Ned Kelly
Ned Kelly joined Dollar Tree’s Board of Directors in 2022. His fellow directors first elected him as Lead Independent Director in March 2022, and he was re-elected in 2023 and 2024. He is the Retired Chairman of Citigroup’s Institutional Clients Group. He currently serves on the boards of Citizens Financial Group, Inc. and MetLife, Inc.
About Dollar Tree, Inc.
Dollar Tree, a Fortune 200 Company, operated more than 16,300 stores across 48 states and five Canadian provinces as of August 3, 2024. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.