CHESAPEAKE, Va. — Dollar Tree announced on Monday that effective Nov. 3, Rick Dreiling has stepped down as chairman and CEO of the company. Michael C. Creedon, Jr., the former chief operating officer, has been appointed the interim CEO while Ned J. Kelly, III, the lead independent director, was elected chairman.
“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,” Drieling said in Dollar Tree's statement. “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.”
The company had faced several setbacks earlier this year, including downsizing at the headquarters in Chesapeake and looking into the potential sale of the Family Dollar segment.
“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, the new interim CEO, said in the statement. “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.”
The company said it expects to report its third quarter financial results on Dec. 4. In September, they estimated the company's sales for the quarter to be in the range of $7.4 to $7.6 billion.
