Transformational Leader at Dollar Tree to Retire
One of the key architects of the transformational changes at Dollar Tree over the past few decades has decided to retire.
Bob Sasser, 70, announced that he intends to retire from his role as executive chairman of Dollar Tree’s board of directors prior to the company’s 2022 Annual Meeting of Shareholders.
Sasser’s retirement follows a tenure with the company of more than 20 years, during which he was instrumental in growing Dollar Tree into a premier leader in the value retail sector.
“Bob Sasser has left an indelible mark on Dollar Tree as a result of his outstanding leadership skills, business acumen and commitment to excellence,” said Michael Witynski, president and CEO. “He has been the engineer of the company’s success and growth over the last 23 years. During his 13-year tenure as CEO, shareholder value increased 733%, a testament to Bob’s leadership. He successfully drove growth and improved efficiencies throughout all levels of the business, while providing the strong leadership that enabled Dollar Tree to withstand pressures from market downturns and related industry headwinds. It has been a privilege to work closely with Bob over many years, and while we will certainly miss his leadership and counsel, Dollar Tree is a stronger company because of him.”
Sasser joined Dollar Tree in 1999 as chief operating officer, served as president and chief operating officer from 2001 to 2003, and then as CEO from 2003 to 2017. He has served as executive chairman of the board of directors for the past five years, overseeing numerous transformational changes to the business.
During Sasser's tenure, Dollar Tree has grown 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 111 company with more than 200,000 associates; 16,000-plus retail stores; an international supply chain with 26 distribution centers across North America; and annual sales exceeding $25 billion. Dollar Tree's market capitalization has grown from approximately $2.3 billion to $30.8 billion during this time.
“I am honored to have had the opportunity to lead this great company and work with such a talented management team to grow Dollar Tree into a leading retailer,” Sasser said. “Dollar Tree has made, and continues to make, an incredible and positive impact on the communities it serves, and I have confidence the company will continue to build on the brand that customers have come to know and trust. My time with Dollar Tree has been extremely fulfilling, and I look forward to seeing all that Mike, the board and the leadership team accomplish in the years ahead.”
Chesapeake, Va.-based Dollar Tree, which operates more than 15,700 stores across 48 states and five Canadian provinces, including stores operating under the Family Dollar banner, is No. 30 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America.
