Dollar Tree adds three new board members

Chesapeake-based Fortune 500 discount retailer Dollar Tree announced Friday that it has appointed three new members to its board of directors.

The new board members include William “Bill” W. Douglas III, Timothy “Tim” Johnson and Dollar Tree CEO Michael C. Creedon Jr.

“Bill and Tim are both esteemed financial leaders with a strong understanding of today’s competitive retail landscape,” Creedon said in a statement. “We look forward to their many contributions and support in driving long-term value for our associates, customers, and shareholders.”

Douglas worked for Coca-Cola for 30 years, holding leadership roles in IT, finance and supply chain divisions. After retiring in 2016, Douglas was appointed to the Coca-Cola Hellenic Bottling’s board of directors, on which he chairs the audit committee. He also serves on the boards of SiteOne Landscape Supply, North Highland ESOP and Monster Beverages.

Johnson has more than three decades of retail leadership experience. He currently serves as chief financial and chief administrative officer for Victoria’s Secret and plans to retire in June. Before joining Victoria’s Secret in 2021, he served as chief financial and chief administrative officer for Big Lots. He also serves on the boards of Brinker International, LogicSource, and Nationwide Children’s Hospital.

Creedon was appointed Dollar Tree’s CEO in December 2024 after joining the company in 2022 as chief operating officer — a position he held until he was appointed interim CEO in November 2024. Before Dollar Tree, Creedon held leadership roles at Advance Auto Parts, Tyco International and ADT Security.

“The additions of Bill, Tim, and Mike complement our current board of directors’ skill sets and experiences, strengthening our ability to accelerate our growth strategy as a leader in value retailing,” Dollar Tree Chairman of the Board Edward J. “Ned” Kelly III said in a statement.

As of Nov. 2, 2024, Dollar Tree operated 16,590 stores across 48 states and five Canadian provinces. The stores operate under the Dollar Tree, Family Dollar and Dollar Tree Canada brands. According to the company’s website, it had more than 211,000 employees as of February 2024.

In its fiscal year 2024 third quarter results, reported in December and the most recent financial report from the company, Dollar Tree reported $7.56 billion in consolidated net sales, up 3.5% compared with the third quarter of FY 2023. In its full-year FY 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.

In March 2024, Dollar Tree announced plans to close 1,000 Family Dollar stores, and two months later it laid off 54 corporate employees. However, in December 2024, Dollar Tree announced that it had opened 249 new Dollar Tree and six new Family Dollar stores.

The company also announced in December that it had changed 2,300 Dollar Tree stores to a multiprice format, moving the company farther away from its “everything for a dollar” roots.