Chesapeake, Va. – Dollar Tree has appointed an interim CEO and elected a new chairman in the wake of Rick Dreiling’s departure from the company, which was effective Nov. 3.
Dreiling joined Dollar Tree’s board as executive chairman in March 2022 and was additionally appointed to the role of CEO in January 2023. He had previously served as rival Dollar General’s CEO and chairman from 2008 to 2015
“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 Dreiling.
The company has appointed Michael Creedon Jr., most recently chief operating officer, as interim CEO while it conducts an executive search to identify Dreiling’s successor. Edward Kelly III, lead independent director, has been elected chairman of the board.
Paul Hilal, vice chair of the board, said, “Mike is well-prepared for this new role. It builds upon his important contributions and the expansion of his responsibilities earlier this year.”
Looking Ahead
In announcing the changes this afternoon, Dollar Tree Inc. also reported on its strategic rethink about the future of its Family Dollar business – which could include a sale or spin-off.
“The company and its advisors continue to make good progress, and the process is moving forward as planned,” it stated.
In addition, the company reported that consolidated Q3 sales “tracked well through the quarter” and reiterated its previously issued outlook for the period. That forecast includes net sales increasing to $7.4 billion to $7.6 billion compared to $7.3 billion in last year’s third quarter, with comp growth in the low-single-digits for the total company as well as both the Dollar Tree and Family Dollar segments.
Dollar Tree Inc. expects to report its third quarter financial results on Dec. 4.
The company ranked as the 14th largest retailer of home textiles in 2023, with total soft home sales of $612 million.