Dollar Tree CEO Steps Down, Citing Health Issues
Rick Dreiling has stepped down as chairman and CEO of Dollar Tree, effective Nov. 3, citing health issues.
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 company’s board of directors 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 strong leadership, deep passion for our business and ability to create value.”
“On behalf of the entire board, I want to thank Rick for his leadership and for his contributions to the company during his tenure,” Kelly said. “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.”
“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 Dollar Tree’s COO since 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 EVP and president of U.S. stores.
The company said third quarter same store net sales tracked well through the quarter, and the retailer is reiterating the third quarter outlook provided in September. Dollar Tree expects to report its third quarter financial results on Dec. 4.
Additionally, the company is working to complete 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.
This article was originally reported by sister publication Store Brands.
