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CHESAPEAKE, Va. — Dollar Tree Inc. chairman and chief executive officer Rick Dreiling stepped down from those roles effective November 3, citing health reasons. Chief operating officer Michael Creedon Jr. has stepped in as interim CEO, while Edward (Ned) J. Kelly, III, lead independent director, has assumed the role of chairman. The company said its board is now conducting a search for Dreiling's permanent successor, considering both internal and external candidates.
“With my health presenting some new challenges over the past two months, the time is right for me to step away and focus on myself and my family," Dreiling said in a statement. "I have been honored to serve the customers and associates of Dollar Tree and Family Dollar since 2022.”
Creedon, who joined Dollar Tree in 2022 and expanded his responsibilities to oversee merchandising and supply chain functions earlier this year, emphasized his commitment to continuing Dollar Tree's growth trajectory, particularly during the holiday season.
“The entire Dollar Tree team is grateful to have worked so closely with Rick," Creedon said. "Looking forward, we are well-prepared to help both banners reach their fullest potential. We are excited about our current trajectory and are focused on delivering a successful holiday season. We will continue accelerating growth at Dollar Tree, and we remain focused on identifying the best path forward for Family Dollar.”
Ned Kelly, in his statement as newly appointed chairman, acknowledged Dreiling’s service to the company.
“We support Rick’s focus on his health and wish him all the best. We are fortunate to have a talented leader in Mike Creedon to help drive us forward.” Vice chair Paul Hilal added that Creedon’s promotion reflects his critical role in the company’s current momentum.
Dollar Tree reiterated its third-quarter 2024 outlook, with results to be reported on December 4. The company also noted that it remains committed to completing its formal review of strategic alternatives for the Family Dollar business segment, which could include a potential sale, spin-off, or other disposition of the business.
