Dollar Tree Chairman and CEO Rick Dreiling, citing health reasons, has stepped down from his leadership position, and the company named company COO Michael Creedon interim chief executive.
In addition, Dollar Tree elected lead independent director Edward Kelly chairman. Dollar Tree maintained it is conducting a search to identify a permanent CEO, and it will include internal and external candidates.
Creedon (pictured above) has served as Dollar Tree COO since he joined the company in 2022 and added oversight of Dollar Tree and Family Dollar merchandising and supply chain to his role in February. Before joining Dollar Tree, Creedon held leadership roles at Advance Auto Parts for about nine years, the last role as executive vice president and president of U.S. stores.
In addition to announcing the leadership change, Dollar Tree updated its financial performance, stating that third-quarter comparable sales tracked well through the quarter, and the company is reiterating its outlook for the period. Dollar Tree added that it expects to report its third-quarter financial results on December 4.
Dollar Tree also reiterated its commitment to completing a formal review of strategic alternatives for the Family Dollar business segment, which could include, among others, a potential sale, spin-off, or other disposition of the business.
“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 announcing the leadership changes. “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 (Creedon), I am confident in his strong leadership, deep passion for our business and ability to create value.”
