Dollar Tree Announces CEO Transition

Rick Dreiling has stepped down as CEO and chairman of Dollar Tree, effective November 3, 2023, due to health issues. Michael Creedon Jr., the former chief operating officer, has been appointed as interim CEO, while Edward Kelly III has taken over as chairman of the board. Dreiling, who joined Dollar Tree in 2022, expressed gratitude for his time at the company but stated it was necessary to prioritize his health and family. The company reiterated its positive outlook for Q3 sales, forecasting a slight increase in net sales, and is currently reviewing strategic options for its Family Dollar segment, which may include a potential sale. Dollar Tree is actively searching for a permanent CEO from both internal and external candidates. Following the announcement, Dollar Tree's shares rose by approximately 4% in after-hours trading.