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Tag: resign

Dollar Tree CFO stepping down

Dollar Tree Chief Financial Officer Jeff Davis is leaving the Chesapeake discount retailer after two years, the company announced Wednesday. Davis will stay through the filing of the company’s fiscal 2024 report to the Securities and Exchange Commission, Dollar Tree said.

“We thank Jeff for his service and appreciate the contributions he made to the business during his time with Dollar Tree and Family Dollar. We remain committed to our business strategy and are focused on driving lasting value for our customers and shareholders,” interim CEO Michael C. Creedon Jr. said in a statement.

Davis’ departure comes after former CEO and board chairman Rick Dreiling stepped down in November, citing health issues.

Davis was hired following a C-suite shakeup in 2022, with Creedon coming aboard as chief operating officer, among other hires. Dreiling, too, was hired in 2022, replacing former CEO Mike Witynski.

A graduate of Penn State and the Katz Graduate School of Business at the University of Pittsburgh, Davis was previously treasurer of Walmart and served as CFO for JCPenney as well as Qurate Retail Group, the conglomerate that owns QVC, HSN and Zulily.

Davis’ departure was announced Wednesday alongside Dollar Tree’s third-quarter results and the retailer’s full-year outlook for fiscal 2024; the company 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. In the third quarter, consolidated net sales increased 3.5% to $7.56 billion, compared with the third quarter of 2023.

The company has closed approximately 670 of its Family Dollar stores this year, and expects to close 25 more by the end of the fiscal year, and continues to explore a potential sale or spinoff of the Family Dollar business segment, it said Wednesday. A Fortune 500 company, Dollar Tree operates more than 16,000 stores in the United States and Canada.

McDermott to depart as Mary Washington Healthcare CEO

Dr. Michael McDermott, president and CEO of Fredericksburg-based Mary Washington Healthcare since 2015, will leave to become head of Montage Health in California, the health system announced Monday. Dr. Christopher Newman, MWHC’s chief operating officer and chief medical officer, will succeed McDermott starting in spring 2025.

Newman joined Mary Washington in 2019. He previously served as chief medical officer for Penn State Health St. Joseph Regional Health Network and led operations for Penn State Health’s medical group, and holds a medical degree from Georgetown University and an MBA from the University of Virginia’s Darden School of Business.

“I am extremely proud of everything Mary Washington Healthcare has achieved during my time as CEO and I am confident that under Dr. Newman’s leadership, the system will continue to grow and advance,” McDermott said in a statement. “It’s been an honor and a privilege to lead MWHC for the past 10 years, and I’m excited to watch its progress continue under Chris’ leadership.”

Dr. Christopher Newman

Mary Washington Healthcare began as an eight-room hospital in Fredericksburg in 1899 and now encompasses two hospitals, four emergency departments and more than 60 health care facilities. In May, Fredericksburg City Council approved a $40 million expansion of the Mary Washington Hospital Campus. A radiologist, McDermott previously practiced with Radiologic Associates of Fredericksburg. He received his medical degree from the University of Cincinnati College of Medicine and an MBA from U.Va.

“I’m deeply honored to be selected for the role of CEO, and I’m committed to continuing our mission of improving the health of the people in our communities,” Newman said. “As our system continues to grow rapidly, I’m excited to build on our momentum from the past several years and to keep working to make Mary Washington the best health system for our providers, team members, patients and community members.”