Philbin Succeeds Sasser as Dollar Tree CEO
As part of a planned leadership succession, Bob Sasser, CEO of Chesapeake, Va.-based Dollar Tree since 2004, has assumed the role of executive chairman of the company’s board of directors, while Enterprise President Gary Philbin was promoted to president and CEO, and appointed to the board.
Sasser, who joined Dollar Tree in 1999 as COO, was promoted to president and COO in 2001, and then to president and CEO three years later. During his time at the helm, Dollar Tree grew from a company with 18,000 employees; fewer than 1,200 stores in 33 states; four distribution centers; and less than $1 billion in annual sales to a Fortune 150 company with almost 180,000 employees; 14,500-plus retail stores; and an international supply chain with 24 distribution centers across North America. For 2017, revenues are expected to surpass $22 billion. The company also completed six acquisitions under Sasser, among them the 2015 $9.1 billion acquisition of Family Dollar Stores.
“I am extremely proud of our company, and especially the 180,000 associates that work hard, delivering value and convenience to millions of customers every day,” noted Sasser. “Our people make Dollar Tree and Family Dollar stores among the best retailers in North America. We have built a solid and scalable infrastructure. We have room to grow and tremendous opportunities to serve more customers in more ways, while increasing returns for our long-term shareholders. Our company’s future has never been brighter!”
Philbin joined Dollar Tree in 2001 as SVP of stores, rising to the position of COO in 2007 and president and COO in 2013. Two years later, he took on the role of president and COO of Family Dollar upon its acquisition by Dollar Tree, and in January 2017, Philbin became enterprise president, with responsibilities for both Dollar Tree and Family Dollar banners.
“Gary has been a tremendous business partner to me for the past 15 years,” noted Sasser. “We share the same values, have a common vision for Dollar Tree’s future, and are aligned on strategic initiatives and priorities to achieve the company’s business goals. Succession planning has been an important part of Dollar Tree’s organizational efforts and culture for many years. Working with our board of directors, I have been planning leadership succession for some time, and we are confident this will be a seamless transition, both inside and outside of the company. Our board of directors and leadership team have complete confidence in Gary’s ability to lead Dollar Tree through its next phases of growth.”
“Bob has led Dollar Tree to industry-leading returns for shareholders and success for all of our stakeholders,” said Philbin. “Bob’s vision has transformed Dollar Tree from a small regional retailer to a world-class Fortune 150 Company across the United States and Canada. Our retail business model can operate successfully in tough times and good times, as we have demonstrated under Bob’s leadership as CEO.”
Added Philbin: “I am honored to lead 180,000 dedicated associates that have made the Dollar Tree and Family Dollar brands the trusted solution for so many of our customers’ needs. They live our vision to serve and delight our customers every day. We have a strong, dedicated and capable leadership team in place to grow and improve both banners for many years. We look forward to driving our performance, delivering value to long-term shareholders, and providing opportunity for our many associates across the U.S. and Canadian markets.”
In other Dollar Tree news, company co-founder Macon Brock, who was named chairman of the company’s board in 2001, will stay on as chairman emeritus.
Dollar Tree operates more than 14,500 stores in 48 states and five Canadian provinces under the Dollar Tree, Family Dollar and Dollar Tree Canada banners.