- Michael C. Creedon Jr. Appointed Interim Chief Executive
Officer
- Edward J. Kelly, III Elected Chairman
- Company Reaffirms Fiscal Third Quarter 2024 Outlook
- Review of Strategic Alternatives for Family Dollar
Progressing
Dollar Tree, Inc. (NASDAQ: DLTR) today announced that Rick
Dreiling has stepped down from his position as Chairman and Chief
Executive Officer, effective as of Nov. 3, 2024. Michael C. Creedon
Jr., Chief Operating Officer, has been appointed Interim Chief
Executive Officer while Edward (Ned) J. Kelly, III, Lead
Independent Director, has been elected Chairman. The Board is
conducting a search process to identify a permanent CEO, which will
include internal and external candidates.
“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,” said Mr. Dreiling. “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.”
Mr. Kelly said, “On behalf of the entire Board, I want to thank
Rick for his leadership and for his contributions to the Company
during his tenure. We support Rick’s focus on his health and wish
him all the best. We are fortunate to have a talented leader in
Mike Creedon to step in and help drive us forward.”
Paul Hilal, Vice Chair of the Board of Directors, commented,
“Mike is well-prepared for this new role. 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 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," Mr. Creedon said. “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.”
Company Reiterates Third Quarter 2024 Outlook
Third quarter same store net sales tracked well through the
quarter, and the Company is reiterating the third quarter outlook
provided on Sept. 4, 2024. The Company expects to report its third
quarter financial results on Dec. 4, 2024.
Family Dollar Strategic Review Progressing
The Company is also reiterating its commitment to completing its
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. The Company
and its advisors continue to make good progress, and the process is
moving forward as planned.
About Mike Creedon
Mike Creedon has served as Chief Operating Officer 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 Vice President and President of
U.S. stores. He also held executive positions with Tyco
International and ADT Security. Creedon holds a Bachelor of Arts
degree in economics from Middlebury College.
About Ned Kelly
Ned Kelly joined Dollar Tree’s Board of Directors in 2022 and
was first elected as Lead Independent Director by his fellow
Directors in March 2022 and re-elected in 2023 and 2024. He is the
Retired Chairman of the Institutional Clients Group of Citigroup,
Inc. He currently serves on the Board of Directors of Citizens
Financial Group, Inc. and MetLife, Inc.
About Dollar Tree, Inc.
Dollar Tree, a Fortune 200 Company, operated more than 16,300
stores across 48 states and five Canadian provinces as of August 3,
2024. Stores operate under the brands of Dollar Tree, Family
Dollar, and Dollar Tree Canada. To learn more about the Company,
visit www.DollarTree.com.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press
release contains "forward-looking statements" as that term is used
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they
address future events, developments or results and do not relate
strictly to historical facts. Any statements contained in this
press release that are not statements of historical fact may be
deemed to be forward-looking statements. Forward-looking statements
include, without limitation, statements preceded by, followed by or
including words such as: “believe”, “anticipate”, “expect”,
“intend”, “plan”, “view”, “target” or “estimate”, “may”, “will”,
“should”, “predict”, “possible”, “potential”, “continue”,
“strategy”, and similar expressions. For example, our
forward-looking statements include statements relating to our
business and financial outlook for the third fiscal quarter of
2024; our plans and expectations regarding our leadership team and
our business, including the Company’s performance and prospects for
long-term growth; and our other plans, objectives, expectations
(financial and otherwise) and intentions. Our forward-looking
statements also include statements about our review of strategic
alternatives at our Family Dollar segment, for which there is no
set deadline or definitive timetable for completion, and there can
be no assurance that this process will result in any transaction or
particular outcome. All such statements are subject to risks and
uncertainties. For a discussion of the risks, uncertainties and
assumptions that could affect our future events, developments or
results, you should carefully review the "Risk Factors," "Business"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections in our Annual Report on Form
10-K filed March 20, 2024, our Form 10-Q for the most recently
ended fiscal quarter and other filings we make from time to time
with the Securities and Exchange Commission. We are not obligated
to release publicly any revisions to any forward-looking statements
contained in this press release to reflect events or circumstances
occurring after the date of this report and you should not expect
us to do so.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241104328264/en/
Investors: Robert A. LaFleur SVP, Investor Relations
investorinfo@dollartree.com
Media: Kate Kirkpatrick VP, Communications
mediainquiries@dollartree.com
Dollar Tree (NASDAQ:DLTR)
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Dollar Tree (NASDAQ:DLTR)
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