Dollar Tree announces CEO of Family Dollar, soon to be sold

Chesapeake-based Dollar Tree announced Monday that its soon-to-be-sold Family Dollar property will be led by Duncan MacNaughton, who will serve as chairman and CEO of the discount retail chain.

Jason Nordin will continue to serve as Family Dollar’s president, the company said in its announcement along with future owners Brigade Capital Management and Macellum Capital Management. The two private equity firms are set to purchase Family Dollar for $1 billion this quarter, Dollar Tree announced in March. Family Dollar is set to be headquartered in Chesapeake, as will MacNaughton, a spokesperson said.

MacNaughton previously was president and chief operating officer of Family Dollar from 2017 to 2019, and he held several executive roles at Walmart and Supervalu.

In March, Dollar Tree announced that MacNaughton would become chairman of Family Dollar following the sale.

“This leadership structure brings together two highly experienced and complementary leaders who share a deep commitment to Family Dollar’s success,” Mike Creedon, Dollar Tree’s CEO, said in a statement. “Duncan’s leadership experience and passion for value retail, combined with Jason’s strategic and operational expertise, position Family Dollar for a strong future as an independent company.”

The transaction, which comes after Dollar Tree’s purchase of Family Dollar in 2015 for $8.5 billion, is expected to close in the second quarter of the year.