Dollar Tree is making changes to its executive leadership to support the company’s growth and accelerate implementation of its value creation initiatives.
Dollar Tree Inc. has revealed that a number of executive professionals are no longer with the company. The retailer indicated that its undergoing leadership changes were made to support the company’s growth and accelerate implementation of its value creation initiatives.
Changes include Kevin Wampler transitioning out of his role as CFO upon the appointment of a successor. Wampler will remain with Dollar Tree as an advisor until April 2023 to ensure a smooth transition.
Meanwhile, Chief Legal Officer and Corporate Secretary William Old, COO Thomas O’Boyle, Chief Strategy Officer David Jacobs and CIO Andy Paisley are no longer with the company. Searches for successors are underway, and the company is in advanced discussions with several candidates for certain positions.
“As we look to the future, I believe these changes within our leadership team will bring new perspectives and experiences that will help accelerate our continued growth and deliver even greater value for our shareholders, customers, employees and suppliers,” said Dollar Tree President and CEO Mike Witynski. “I want to thank Kevin, Will, Tom, David and Andy for their many years of dedicated service to the company and for enabling us to get to this point. We wish each of them the best in their future endeavors.”
Executive Chairman Rick Dreiling said, “Our board is fully aligned with Mike that now is the right time to bring in new leadership to ensure the company remains on a strong trajectory.”
Dollar Tree reported mostly increases for its first quarter ended April 30. The discount retailer boosted net sales by 6.5% to $6.9 billion, with sales comps up 11.2% at Dollar Tree banner stores and gross profits company-wide coming in 19.2% higher compared with the first quarter of 2021.
Gross margin was in the black, too, improving to 33.9% versus 30.3% during the prior year’s first quarter. As the company tapped into consumers’ desire for discounts during a time of ever-climbing inflation, its diluted earnings per share (EPS) surged 48.1%, a company record for a first quarter.
Even with the leadership changes, Dollar Tree still reaffirmed its fiscal 2022 outlook, which included a projection of consolidated net sales between $27.75 billion and $28.14 billion.