Dollar Tree CEO in abrupt exit, cites health reasons
Dollar Tree has started the search for a new chief executive.
The discounter said that Rick Dreiling has stepped down as chairman and CEO, effective Nov. 3. Michael C. Creedon Jr., COO, has been appointed interim chief, and Edward (Ned) J. Kelly III, lead Independent director, has been elected chairman.
Dreiling, who cited health reasons for his decision to step down, was named executive chairman of Dollar Tree in March 2022 in a board revamp that came after several months of pressure from activist investor. He took the reins as CEO in January 2023.
“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,” Dreiling said in a press release. “Having worked side-by-side with Mike [Creedon], I am confident in his strong leadership, deep passion for our business and ability to create value.”
The Dollar Tree board is conducting a search process to identify a permanent CEO, which will include internal and external candidates.
Interim CEO Creedon has served as COO of Dollar Tree since he joined the company in 2022, and added oversight of Dollar Tree and Family Dollar merchandising and supply chain to the scope of his role in Feb. 2024. Before joining Dollar Tree, Creedon held several leadership roles at Advance Auto Parts for almost nine years, most recently as executive VP and president of U.S. stores.
“Mike [Creedon] is well-prepared for this new role,” said Paul Hilal, vice chair of the board. “It builds upon his important contributions and the expansion of his responsibilities earlier this year. The entire board is grateful for Rick’s partnership, and his efforts building up and positioning the team for a seamless transition.”
The company reaffirmed its its third-quarter outlook, saying that same-store sales “tracked well through the quarter.” It also said it is making “good progress’ on its formal review of strategic alternatives for the Family Dollar business segment, which could include a potential sale or spin-off of the business.
[READ MORE: Dollar Tree exploring sale of Family Dollar business]
“We are excited about our current trajectory and are focused on delivering a successful holiday season,” said Creedon. “We will continue accelerating growth at Dollar Tree, and we remain focused on identifying the best path forward for Family Dollar.”
Dollar Tree operated more than 16,300 stores across 48 states and five Canadian provinces as of Aug. 3, 2024. Stores operate under the brands of Dollar Tree, Family Dollar and Dollar Tree Canada.
