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.