Dollar Tree executive chairman Bob Sasser to retire
A 20-year-plus Dollar Tree veteran is stepping down from the company he helped turn into a value retail powerhouse.
Bob Sasser, 70, will retire as executive chairman of Dollar Tree’s board prior to the company’s 2022 annual shareholders. Sasser joined Dollar Tree in 1999 as COO, served as president and COO from 2001 to 2003, and then as CEO from 2003 to 2017. He has served as executive chairman for the past five years.
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 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. The chain’s market capitalization has grown from approximately $2.3 billion to $30.8 billion during this time.
“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 thirteen-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.”
Added Gregory Bridgeford, lead independent director, "Dollar Tree would not be the company it is today without Bob Sasser.”
In November, Dollar Tree announced it would roll out a $1.25 price point to all Dollar Tree stores nationwide. The move comes as inflation and supply chain disruptions are pushing up the cost of many goods,
In recognition of his achievements, the Dollar Tree board has unanimously determined to give Sasser with the honorary title of chairman emeritus upon his retirement.
“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,” said Sasser. “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.”
Dollar Tree operated 15,966 stores across 48 states and five Canadian provinces as of October 30, 2021. Stores operate under the brands of Dollar Tree, Family Dollar and Dollar Tree Canada.