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Tag: Michael Creedon

Dollar Tree makes interim CEO permanent

Dollar Tree’s interim CEO, Michael C. Creedon Jr., is now the Fortune 500 discount retailer’s permanent CEO.

The Chesapeake company announced the board of directors’ appointment on Thursday.

Creedon joined Dollar Tree in 2022 as chief operating officer and was appointed interim CEO in November, after former CEO Rick Dreiling stepped down, citing health problems. Creedon joined the company following its C-suite shakeup in summer 2022.

“It’s a privilege to lead Dollar Tree at such a pivotal time,” Creedon said in a statement. “My focus will continue to be on delivering long-term value to our associates, customers and shareholders as a company that is rooted in strong values and operational excellence.”

The past year has held challenges for the chain, which employs more than 200,000 workers and operates 16,590 stores in 48 states and five Canadian provinces under the Dollar Tree, Family Dollar and Dollar Tree Canada brands. Dollar Tree saw a $1.7 billion loss in the fourth quarter of fiscal 2023, but numbers improved by the second quarter of 2024, reported in early September. Consolidated net sales increased 0.7% to $7.37 billion that quarter, compared with the second quarter of 2023.

In its third quarter results, Dollar Tree reported $7.56 billion in consolidated net sales, up 3.5% compared with the third quarter of fiscal 2023. In its fiscal 2024 outlook, the retailer said it anticipates net sales of $30.7 billion to $30.9 billion for the year, slightly up from $30.6 billion in revenue reported last year.

At 10:41 a.m. Thursday, Dollar Tree common shares were trading for $68.69, down slightly from $69.47 at market open.

Prior to joining Dollar Tree, Creedon worked for Raleigh, North Carolina-based Fortune 500 retailer Advance Auto Parts for more than six years, rising to president of U.S. stores in 2020 and then executive vice president of U.S. stores in March 2021.

Before joining Advance Auto Parts, he held executive roles with Tyco International and ADT Security. Creedon has a bachelor’s degree in economics from Middlebury College. A Hampton Roads resident, he serves on the Chrysler Museum of Art’s board of directors and Norfolk Academy’s board of trustees.

In another recent C-suite exit, Dollar Tree Chief Financial Officer Jeff Davis announced in early December he would leave the company after it filed its fiscal 2024 report with the Securities and Exchange Commission.

Dollar Tree common stock’s 52-week high was $151.22, which it reached on March 5, although it closed at $149.08 that day. It dropped to $128.42 on March 13, the day the retailer’s fiscal 2023 fourth quarter results were announced, then ticked up slightly in early April before beginning a descent.

After hovering around $100 for much of July and dipping into the 90-dollar range for most of August, the retailer’s stock plunged from $81.65 at close on Sept. 3 to close at $63.56 on Sept. 4, the day it released its second quarter results.

Dollar Tree CEO Dreiling steps down, citing health

Rick Dreiling stepped down Sunday as CEO and board chairman of Chesapeake-based Dollar Tree, effective immediately, the Fortune 500 discount retailer announced Monday.

Michael C. Creedon Jr., Dollar Tree’s chief operating officer since 2022, was named interim CEO. He previously held executive positions at Advance Auto Parts. Edward “Ned” Kelly III, the board’s lead independent director, has been named chairman of Dollar Tree’s board. Kelly is the retired chairman of Citigroup’s Institutional Clients Group.

“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 a statement Monday. “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.”

Dreiling came aboard as CEO in 2022, having served on Dollar Tree’s board and previously been CEO of competitor Dollar General from 2008 to 2015. The past year has held challenges for the chain, which saw a $1.7 billion loss in the fourth quarter of fiscal 2023, but numbers improved by the second quarter of 2024, reported in early September. Consolidated net sales increased 0.7% to $7.37 billion that quarter, compared to the second quarter of 2023.

“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 said Monday. “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.”

According to Monday’s announcement, Dollar Tree is still planning to complete a formal review of the Family Dollar segment of the business, which could include a potential sale or spin-off of the business. Third quarter 2024 financial results will be announced Dec. 4.