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Arko tries to keep $1.4B TravelCenters of America bid alive

Updated 5:30 p.m. March 28

Henrico County-based Fortune 500 convenience store holding company Arko Corp. is rivaling British oil and gas giant BP in a $1.4 billion bid to acquire Westlake, Ohio-based TravelCenters of America Inc., a publicly traded convenience store chain with 281 retail stores and roadside restaurants in 44 states.

On Monday, Arko sent a letter to the TravelCenters of America’ board asking that it reconsider its acquisition proposal, which Arko called “obviously superior” to the agreement the North American subsidiary of BP reached in February to acquire TravelCenters of America for $1.3 billion, or $86 cash per share. The transaction was unanimously approved by TravelCenters’ board, the company said in a Feb. 16 news release.

Arko, the holding company for convenience store chain GPM Investments LLC, followed up on March 14 with its own unsolicited offer of $92 per share, a deal that was to be funded by a combination of cash, external financing and credit, the company said Monday, identifying itself in U.S. Securities and Exchange Commission filings discussing the deal as “Party G.” On March 22, Arko’s offer was unanimously rejected by TravelCenters’ board on the basis that it “does not constitute a Superior Proposal and could not reasonably be expected to lead to a Superior Proposal,” according to SEC filings. TravelCenters cited findings of its independent directors in executive session, including that “Party G would require significant third-party financing and there was no firm commitment from a potential financing source” amid current economic uncertainty.

Arko on Monday pushed back against those assertions in a letter signed by Chair and CEO Arie Kotler and General Counsel Maury Bricks to TravelCenters’ board, urging it to “engage with, rather than exclude” the company in the sale process. Arko’s offer represents $100 million in additional value to shareholders, and the company cited its record of 23 transactions in the last decade, including acquisitions valued at about $900 million in the last 18 months that have been financed through private equity firm Oak Street Capital.

“We are highly confident in our ability to finance the transaction, and our proposal includes no financing-related conditions. We have obtained assurances from Oak Street Capital to finance a portion of the necessary funds,” Kotler and Bricks wrote. “When TravelCenters engages with Arko, we and Oak Street Capital would be happy to discuss the financing with you.”

Neither Arko nor TravelCenters responded to requests for comment from Virginia Business on Monday. However, on Tuesday, TravelCenters reiterated its stance in a news release, stating that Arko’s offer was neither superior to the agreement it made with BP, nor likely to become superior, and cited what it referred to as “a sub-investment grade credit rating” that was not attractive to Service Properties Trust, a landlord of TravelCenters’ properties, which has a 7.8% majority stake in the company.

TravelCenters of America has 18,000 employees and reported $10.8 billion in total 2022 revenue. Last year, Arko made the Fortune 500 list for the first time and reported $301 million in adjusted earnings, before interest, taxes, depreciation and amortization (EBITDA).

 

Chesterfield County kicks off $210M mixed-use project

Chesterfield County officials began demolition Tuesday of the former Best Products Co. Inc. building in the Spring Rock Green shopping center to clear the way for the $210 million first phase of the Springline at District 60 mixed-use development.

The 42-acre first phase of the project, located on Midlothian Turnpike off Chippenham Parkway, includes a six-story building with 27,000 square feet of ground-floor retail space and 300 apartment units, as well as a 150,000-square-foot corporate office building — expected to cost roughly $50 million — and a sports tournament facility with ice rinks. The county Board of Supervisors approved the plan in April 2022.

Connecticut-based developer Collins Enterprises is the developer for part of the first phase and will build the mixed-use building and a parking garage. Collins Enterprises expects the project to cost roughly $85 million and anticipates beginning development this summer, with phase one to be delivered by December 2024.

Rendering of Springline at District 60. Image courtesy Chesterfield County
Rendering of Springline at District 60. Image courtesy Chesterfield County

Remaining phases are still in planning stages, according to Chesterfield Economic Development Authority Director Garrett Hart. The county expects to have 1,200 residential units total, split between apartments and townhouses, and plans to add another office building, an extended-stay hotel, entertainment venues, a police station and a central square that could be used for festivals.

“We’re pretty much looking at phase two to … be under construction in ’25,” Hart said. “And we’re not really sure what phase two is right now. It’s definitely going to involve some more apartments, but it could also involve the hotel.”

The county EDA bought the land from Bond Cos. in 2021 for $16 million and will build infrastructure and utilities that are expected to cost $20 million or more. Chesterfield will sell the office and first residential pads to Collins in May or June for construction to begin.

Small retail tenants, like restaurants and clothing stores, have expressed interest in the ground-floor space, said Collins Principal Arthur “Art” Collins. Residential units will be mainly one- and two-bedroom units, with three-bedroom units comprising about 2%, Collins said.

Rendering of Springline at District 60. Image courtesy Chesterfield County
Rendering of Springline at District 60. Image courtesy Chesterfield County

Architecture firm Cooper Carry led rebranding for the area. District 60 will include Springline, the Stonebridge Shopping Center and The Boulders Office Park.

“I just want to have that dream one day where someone says, ‘Just meet me at District 60 and we’ll figure out what to do when we get there.’ I think you’re seeing the beginnings of that nexus between this property and across the street,” said Chesterfield County Administrator Joseph Casey.

Springline’s name comes from the Beaufont Lithia Springs Co. that sold bottled water from the nearby Beaufont Springs. James Robertson built a springhouse on the site in 1896 and sold the company to Frederick Sitterding in 1916. The company was shut down in 1940 as water treatment plants improved.

Virginia ABC to hold Secretariat bourbon lottery

Bourbon fans should gallop to enter the Virginia Alcoholic Beverage Control Authority’s online lottery later this month for 187 autographed bottles of Secretariat Reserve Straight Bourbon, celebrating the 50th anniversary of the thoroughbred’s 1973 Triple Crown sweep.

The bourbon comes from Charlottesville-based Ragged Branch Distillery and includes grain grown at Meadow Event Park in Caroline County, where the ninth Triple Crown winner was born in 1970 and raised. The 750-milliliter bottles are priced at $99.99 each.

Secretariat still holds the time record for the Triple Crown races (the Kentucky Derby, Preakness Stakes and Belmont Stakes). His jockey, Ron Turcotte, has autographed the bottles, which feature original artwork of the racehorse from New York-based artist Eric Helvie.

Secretariat Reserve is distilled from a mix of corn, rye and malted barley. It’s aged for more than five years and bottled-in-bond, meaning it meets stringent regulations, including being bottled at 100 proof and made by one distiller at one distillery during one season.

Online entry forms will be available March 29 through March 31, and Virginia residents ages 21 and up are eligible. Winners will be selected in a random drawing.

More details are available on the Virginia ABC site.

On April 22, Virginia ABC will release unsigned bottles. Each retail location will receive one case (six bottles), and customers will be limited to one bottle each. The Ragged Branch Distillery store in Charlottesville will also have limited quantities.

Hampton Roads’ Retail Alliance appoints new CEO

Jenny Crittenden is the new president and CEO of the Retail Alliance, making her the second woman to be president and CEO of the Hampton Roads nonprofit trade association in its 120-year history.

The Norfolk-based alliance’s board of directors appointed Crittenden, formerly the organization’s senior vice president, on Feb. 16. Crittenden succeeds Ray Mattes, who announced his retirement in October 2022.

“I am so thankful to Ray for his leadership and outstanding job of growing a very healthy organization and look forward to executing on the opportunity it presents,” Crittenden said in a statement. “Retailers are an integral part of the entrepreneurial ecosystem and are at the core of our neighborhoods and communities.”

Former Gov. Ralph Northam appointed Crittenden to represent small brick-and-mortar retail on the Governor’s COVID-19 Business Task Force, which he created in April 2020 to help develop business reopening guidelines for the pandemic.

Before joining Retail Alliance’s leadership team in 2022, Crittenden served the alliance in several capacities, including serving on its Retail Alliance Foundation Board, its board of directors and executive committee. For the past three years, she has taught a marketing and customer service module for the Retail Alliance Foundation’s certificate in retail operations class.

“Prior to being asked if she would consider interviewing for the CEO position at Retail Alliance, Jenny was a dedicated member of the board, exhibiting a passion for the success of member retailers. During the interview process it became unanimously clear that she would be the right choice to lead the organization into this new era,” Retail Alliance Chairman Bob Gurnee said in a statement.

Prior to joining Retail Alliance, Crittenden led the nonprofit Main Street Preservation Trust in Gloucester for 16 years. In 2021, the trust won one of Main Street America’s Main Street Forward Awards for running an e-commerce platform for downtown businesses and for its recovery and resilience efforts.

Crittenden has also served as executive director for the Cook Foundation, which supports the arts in Gloucester, and was the Gloucester Arts Festival’s marketing and sponsorship chairs.

Founded in 1903, the Retail Alliance promotes and assists small businesses in Hampton Roads through education, advocacy and member benefits.

Roanoke shopping center sells for $4.8M

A shopping center in Roanoke has changed hands.

Salem-based Omma Management LLC purchased the 49,881-square-foot Oak Grove Plaza in Roanoke for $4.8 million, Cushman & Wakefield | Thalhimer announced.

Built in 1964, Oak Grove Plaza is located at 2061 Electric Road. CXL Inc. sold the property, which is on about four acres. Cushman & Wakefield | Thalhimer will continue to provide leasing and management services for the plaza.

Tenants in the shopping center include McDonald’s Corp., T-Mobile USA Inc., pizza and barbecue restaurants, an ice cream shop, a custard shop, a nail salon, a rug store and others.

William D. Poe, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of the seller.

House lawmakers stifle creative entrepreneurs fund

RICHMOND, Va. — Creativity should be valued as an important part of the Virginia economy, said the state lawmaker behind legislation to create the Virginia Creative Economy Grant Program.

Del. Jackie Glass, D-Norfolk, introduced House Bill 2376 to establish a dedicated funding source for grant awards no more than $20,000 each to independent content creators and creative entrepreneurs. The program would be managed by the Virginia Economic Development Partnership Authority. VEDP collaborates with local and regional partners to encourage expansion and diversification of Virginia’s economy, according to its website.

A creative worker is considered anyone that produces and distributes creativity and arts-based goods and services, according to a handout from Glass.

Virginia’s creative workers produce film, art, music, software, video games, television and radio, according to the bill.

The U.S. creative economy annually generates over $900 billion, according to Glass. Almost $18 billion of that is generated in Virginia. The creative economy businesses in Virginia lost at least $2.6 billion in revenue in 2020, according to Glass.

Noah “Noah-O” Oddo is a local entrepreneur. Oddo owns Charged Up ENT, a record label that has been around since 2002. He opened the flagship store of Charged up ENT in Richmond’s downtown Art’s District.

Oddo would put the money directly into his business if there was grant funding, he said.

 “We can’t exist without the people’s support,” Oddo said. “If you would like to see more of this and Virginia to continue to grow in this direction, that’s what’s needed, support in the form of dollars.”

The bill did not have enough support to make it through the House General Laws subcommittee, where it was tabled on a 4-2 vote. However, there was support for the idea, Glass said.

Glass said people from the other side of the aisle approached her to discuss further action, including Del. James Morefield, R-Tazewell.

Glass and Morefield will work alongside the VEDP after the General Assembly session ends, to try and secure funding, Glass said.

“It’s not dead, I mean, it’s dead as far as a piece of legislation, but it’s not dead administratively,” Glass said.

There is also the Virginia Commission for the Arts, a state agency that offers creative grants. The VCA invests in arts leaders, arts educators, and arts practitioners, according to its website.

The creative industry is among the most impacted due to the COVID-19 pandemic and the ensuing economic drain on nonprofits and other funding sources, according to the Organisation for Economic Co-operation and Development.

Brent Royal is a Richmond entrepreneur who owns the Good Money Counting Kit clothing brand. He sells products through social media and his website. Royal said he was discouraged to hear that the bill failed. He thinks the bill could have helped small businesses struggling from inflation and the economic impacts of COVID-19.

Royal worked two jobs to start his businesses, he said. He also launched the nonprofit Good Money Give Back and he puts 10% of his profits into it, to help the community. For example, Royal gave flowers to teachers for Valentine’s Day, has held clothing and backpack drives for children, and is working on a mentoring program for young men.

Royal previously received grant funding and would apply for potential VEDP funding if the process moved forward. He would reinvest in the community by opening a clothing store, creating jobs for locals and using profits to reinvest in his nonprofit, he said.

The main focus for his brand is to inspire entrepreneurship, according to Royal. The state could do a better job at maintaining relationships with entrepreneurs, he said.

“It’s kind of hard to be an entrepreneur in Virginia, just because there’s so many different tax things you have to deal with federally, locally,” Royal said.

Glass introduced the bill because she is a creative entrepreneur herself, she said. She has a podcast called “Your Neighbor’s Hood,” where she discusses uncomfortable cultural conversations with co-host Hannah Sobol. Glass monetized the venture, she said.

Creative entrepreneurs have the heart to create work but struggle to make a living out of what they do, Glass said.

“We don’t have that creative infrastructure here,” Glass said.

The funding for creatives is considered sustainable, because 83 cents of every $1 invested in a creative worker is reinvested locally, according to a handout from Glass. The creative sector also increases travel and tourism to improve the economy.

“This is another industry of economics that can drive and bring dollars to the commonwealth,” Glass said.

Oddo visited the state Capitol with Creatives for Virginia on Jan. 24 to lobby for the bill.

“I’m trying to let people know in our generation these are the things that matter,” Oddo said. “If you don’t organize, if you don’t speak out in order to change these things, there’s not going to be the things you want to see done in our society and you’ll just constantly be in the state of reaction toward what’s going on.”

Capital News Service is a program of Virginia Commonwealth University’s Robertson School of Media and Culture. Students in the program provide state government coverage for a variety of media outlets in Virginia.

$130M mixed-use development planned for Hampton

A proposed $130 million development will bring 118 townhomes, 284 luxury apartments, 96 senior apartments and 6,000 square feet of retail space to Hampton.

The project, called The Olde Hampton Village, will span 16 parcels across nearly 23 acres near downtown Hampton, at the former site of the Lincoln Park housing development, on LaSalle Avenue, off Interstate 64 and near Langley Air Force Base and NASA Langley.

The former housing development closed and was demolished in 2016, according to the city’s staff report on the project. The proposal went in front of Hampton City Council on Wednesday night, seeking rezoning and use permits, and earned the council’s approval.

The Olde Hampton Village is a joint venture between Virginia Beach-based Axis Global Enterprises Inc. and Virginia Beach-based EDC Homes, and has been in the works for four years, according to a news release from the developer.

A rendering shows the pool and clubhouse area.
Courtesy Axis Global Enterprises Inc.

The townhomes would each be three stories and the developers are proposing four multifamily buildings, each four stories high. The development will also have park space, a pool, a dog park and washing station, a clubhouse and a fitness center. It could also include a child care facility, hair salon and coffee shop.

The developers expect to break ground on the project in late summer 2023, after all site and building plans are approved and finalized. The project will be built in phases and is expected to be completed in 28 months,  a spokesperson for Axis told Virginia Business.

“The Olde Hampton Village development is an opportunity to revitalize the gateway to the Olde Hampton community, which is rich in history for our region,” Ross Vierra, president and CEO of Axis Global Enterprises, said in a statement.  “Bringing this vision to life has been a long road which we have been dedicated to ensuring the highest quality designs to honor the heritage and inspire a new generation of residents and businesses. Service is at the heart of our development process and this vote from the Hampton City Council permits our team to bring this transformational gateway project to life.”

The site was once a Hampton Redevelopment and Housing Authority housing project that was too old to rehabilitate, according to a news release from the city. The housing authority has approved the sale of the land.

 

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Dollar Tree Inc. CEO Mike Witynski will leave the Chesapeake-based Fortune 500 discount retailer and its board effective Jan. 29, with Executive Chairman Rick Dreiling becoming the next CEO, the company announced Tuesday.

Witynski, who joined Dollar Tree in 2010, played a key role in the company’s 2015 acquisition of the Family Dollar retail chain. He was named president and CEO in 2020. During his pandemic-era tenure as CEO, the company controversially raised prices to $1.25 for most retail items in its dollar stores beginning in November 2021, resulting in backlash among some customers.

Dollar Tree’s third quarter 2022 sales grew 8.1% year over year to $6.93 billion, but rival retailer Dollar General’s sales rose 11% to $9.5 billion during the same period.

While the company had a good third quarter, the most recent earnings report available, it took three years for Dollar Tree to produce those kind of results, and that’s a relatively long time from a business standpoint, noted Reuben Gregg Brewer, a contributing analyst with Motley Fool.

In his 2017 autobiography, the late Dollar Tree co-founder Macon Brock wrote that the dollar concept was “sacred. … Ditch the dollar, I believed, and we’d surrender our niche.” At the time of Witynski’s announcement that Dollar Tree was raising prices, Scott Mushkin, an analyst and co-founder at R5 Capital, told CNN that “it will be a shock to [Dollar Tree’s] loyal customer base. It could end up being one the worst decisions in retail history if it is not dialed back.”

In the past year, there’s been a shakeup in Dollar Tree’s C-suite. Dreiling, former chairman and CEO of Dollar General, became the board’s executive chairman in March 2022 following a proxy battle with activist investor group Mantle Ridge LP.

“The opportunity to work with the talented and dedicated team at Dollar Tree has been the most rewarding of my career. During this especially dynamic period, we made the historic and consequential move to ‘break the dollar,’ and also rose to the historic opportunity to retool the company’s leadership ranks to face the challenges ahead with fresh eyes,” Witynski said in a statement. “As I depart, I have full confidence that this team will continue to move the company forward through the years ahead.”

Brewer said the timing of the price increase — before Witynski left — was not a coincidence. The heavy lifting was already done and the new leadership would have a clean slate to work with and the ability to say they didn’t raise prices, he said.

Edward Kelly, senior equity analyst at Wells Fargo Securities, weighed in on the leadership change in a note. He noted that Witynski is the final member of the prior management team to go, with the bulk of the other changes to be completed soon after Dreiling’s arrival.

“While many of the issues that made DLTR vulnerable to activism were not Witynski’s doing, we believe this move represents the final step of management house cleaning that is typical of these situations,” he wrote about Witynski’s departure.

Dreiling also thanked his predecessor.

Dreiling

“We greatly appreciate Mike’s contribution over his career with Dollar Tree, which included the acquisition and integration of Family Dollar, navigating COVID, and contributing to the company’s current transformation strategy,” Dreiling said in a statement. “Dollar Tree will continue to thrive, grow and win in the marketplace in this next chapter, and I’m thrilled for the opportunity to work with the extraordinary Dollar Tree team to advance our focus on delighting customers, associates and other key stakeholders.”

In June 2022, the company began overhauling its C-suite leadership, seeking a new chief operating officer, chief financial officer, chief information officer and chief legal officer.
Dollar Tree hired Jeffrey A. Davis as CFO in August 2022 and Bobby Aflatooni as chief information officer in July 2022.  In September 2022, the company announced its new COO and chief development officer.

Kelly, with Wells Fargo, pointed out Dreiling’s temporary position. “It’s important to note that DLTR did not name Dreiling as an interim CEO, suggesting he will be focused on leading the company for the foreseeable future. We believe Dreiling is less than one year into a five-year employment agreement, and expect the board to revisit succession planning at the appropriate time when the company is clearly on the path to achieving its long-term vision. This move is a statement of commitment from Dreiling,” he wrote.

He also noted that 2023 will be “another year of repositioning for DLTR and that consensus is too high. Today’s news probably only supports this view. That being said, we expect this guidance to be bought into what should be an action packed and positive analyst day this spring. We do expect 2023 guidance to be provided on the Q4 call, which creates a tricky near-term setup.”

Dollar Tree, which operates more than 16,000 Dollar Tree and Family Dollar stores in the United States and Canada and employs more than 200,000 people, will report its fourth-quarter earnings March 1.

In 2022, Dollar Tree ranked No. 137 on the Fortune 500 list. Its stock price opened at $148.27 Tuesday and was down 2.96% at $146 per share at 4:30 p.m.

Fed’s Fifth District economy expands slightly

The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has expanded slightly since October, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday.

Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the 12 Federal Reserve Banks. It is compiled from reports by bank and branch directors, as well as information gathered from business contacts, economists, market experts and other sources.

Here’s what the Nov. 30 Beige Book edition revealed about the direction the economy is taking:

Manufacturing activity in the Fifth District slowed mildly as new orders and backlogs declined but shipments stayed flat. Vendor lead times declined, indicating supply chain backlogs were easing.

Travel and tourism increased moderately, and air travel is expected to increase over the holidays. Retail spending increased modestly from October’s report. Residential and commercial real estate market activity slowed.

Respondents in the ports and transportation sector indicated that volumes were beginning to decline, with overall loaded freight shipments down at Fifth District ports. Loaded exports continued down while import volumes were flat or up slightly, led by furniture, sporting goods and heavy equipment.

Dwell times at the ports declined, reducing congestion and lowering storage fees. Spot rates from Asia to East Coast ports decreased 33% from last period but remained above the pre-pandemic rates, according to the Fed.

Trucking firms reported a slight decrease in freight volumes, in line with the normal seasonal slowdown. Industrial customers’ demand remained strong while retail volumes declined. Trucking respondents reported that they weren’t hiring drivers because their existing workforce could manage current volumes.

The cost of new equipment increased substantially, firms reported, and new truck tractors and trailers were still backordered by about a year.

Employment in the Fifth District increased modestly, and many firms reported unfilled positions. The majority said they were increasing wages for new and existing staff by more than they had in previous years. Companies reported difficulty finding skilled workers.

Prices grew robustly, with manufacturers and service sector companies reporting strong year-over-year price growth in both input and customer prices.

Retailers reported modest sales and revenue growth and increasing inventory. Used vehicle sales increased moderately as prices began to drop, but new vehicle sales stayed low due to low inventory levels, rising prices and higher borrowing costs.

Housing demand slowed as buyer traffic and listings declined. Days on the market and inventory increased but remained below normal levels. High interest rates and low inventory led to fewer pending and closed sales, according to respondents. Prices stayed consistent, but sellers reported offering concessions such as temporary rate buydowns or paying closing costs.

New home construction slowed and builders stopped buying new lots because of high building costs and economic uncertainty. New commercial real estate projects slowed due to rising interest rates and higher construction costs, as well as supply chain disruptions and labor shortages.

In the commercial real estate market, the retail, office and industrial sectors had higher vacancy rates this period, although Class A office space activity remained strong as companies sought to entice employees to return to the office.

Demand for commercial and residential loans decreased moderately in the face of rising interest rates. Higher input costs also weakened commercial loan demand. Deposit growth slowed as customers searched elsewhere for higher yields.

Dollar Tree adds four more execs

Chesapeake-based Fortune 500 discount retailer Dollar Tree Inc. has named four additional executives, the company announced Thursday. These hires are the latest leadership changes after a C-suite shakeup over the summer.

Jennifer Bohaty will join as chief compliance officer, Terence Goods will be chief diversity officer, Jennifer Silberman will be chief sustainability officer, and Kristin Tetreault will be chief communications officer. All four join Dollar Tree from other companies.

“As we continue to build our leadership team capability and focus intently on culture, compliance and [environmental, social and governance], I’m pleased to announce the additions of Jennifer Bohaty, Terence Goods, Jennifer Silberman and Kristin Tetreault to the Dollar Tree team,” Dollar Tree President and CEO Mike Witynski said in a statement. “These important additions demonstrate our company’s commitment to improving the experiences of our shoppers and building an engaging culture of belonging for our associates.”

Bohaty previously was global chief of ethics and compliance at LL Flooring, the Richmond-based flooring retailer formerly known as Lumber Liquidators. She was also executive director of global product safety at Toys ‘R’ Us and senior product safety manager at Target Corp. She has a bachelor of arts in psychology with an emphasis in management from Saint Louis University in Missouri.

Goods was most recently vice president of diversity and inclusion at Southern Glazer’s Wine and Spirits, a wine distributor based in Miami. He has also worked for Wells Fargo & Co., The Bank of America Corp. and JCPenney. He graduated from the University of Nebraska-Lincoln with a degree in speech communication.

Silberman was vice president of ESG (environmental, social and governance) for Yeti Coolers LLC and established the company’s first ESG priorities. She also led corporate responsibility efforts and teams for companies including Target and Hilton and has worked in the sustainability and impact space for more than 25 years. She earned a bachelor’s degree in Latin American studies from Mount Holyoke College and a master’s in international economics and Latin American studies from Johns Hopkins University’s School of Advanced International Studies.

Tetreault was vice president of enterprise and executive communications for Stanley Black & Decker Inc., the Fortune 500 tool manufacturer. She has also held communications roles at The Hartford Financial Services Group Inc., UnitedHealth Group Inc. and Texas Instruments Inc., among others. She earned her bachelor’s degree in journalism from the University of North Texas and a master’s degree in organizational development and change management from the University of Texas at Dallas.

In late August, Dollar Tree hired Jeffrey A. Davis as chief financial officer and Bobby Aflatooni as chief information officer in late July. Then in September, it named a new chief operating officer and a chief development officer.

Dollar Tree operates more than 16,000 Dollar Tree and Family Dollar stores in the United States and Canada and employs more than 200,000 people.