Retail 2024: RICK DREILING

Dreiling’s first year as Dollar Tree’s CEO has seen a continuation of some of the tumult that preceded his time leading the Fortune 500 discount retailer.

The chain reported $30.6 billion in revenue in fiscal 2023, but a $1.7 billion loss in the fourth quarter. Following that poor performance, the company announced it would close around 600 Family Dollar stores in the first half of fiscal 2024 and would shutter 370 more Family Dollar and 30 Dollar Tree stores over the next few years. In June, it began reviewing strategic alternatives for Family Dollar, including selling or spinning off the brand.

From 2017 to April 2024, the Occupational Safety and Health Administration issued $22.7 million in penalties to Dollar Tree, though the entities reached a settlement in August 2023. In Virginia, federal regulators fined Dollar Tree $1.9 million for 85 safety violations in  the past 10 years.

A seasoned executive, Dreiling served as CEO for competitor Dollar General from 2008 to 2015, then became executive chairman of Dollar Tree in 2022, following a proxy battle with an activist investor group. Dreiling also serves as lead independent director on Lowe’s board of directors.