Dollar Tree CEO Mike Witynski to step down
Rick Dreiling named Dollar Tree's new chief executive
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Dollar Tree Inc. announced on Tuesday that CEO Mike Witynski is stepping down from his role and will leave the company.
Executive Chairman Rick Dreiling will take over as chief executive on Jan. 29, the company said. Witynski, who has served as CEO since 2020, will also leave Dollar Tree’s board.
"As I depart, I have full confidence that this team will continue to move the company forward through the years ahead," Witynski said in a statement.
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Dollar Tree sign is seen in Streator, Illinois, on Oct. 15, 2022. ((Photo by Beata Zawrzel/NurPhoto via Getty Images) / Getty Images)
Dreiling, 69, who has previously served as chairman and CEO of rival Dollar General, was appointed to Dollar Tree's board as part of the company's agreement to a March 2022 settlement with activist investor Mantle Ridge in which it agreed to revamp its board.
In late 2021, Mantle Ridge pushed for a review of Dollar Tree's business strategy and Dreiling as the top boss at the discount retailer along with an overhaul of its board.
"We greatly appreciate Mike’s contribution over his career with Dollar Tree, which included the acquisition and integration of Family Dollar, navigating COVID, and contributing to the company’s current transformation strategy," Dreiling said in a statement.
A Dollar Tree store in Streator, Illinois, on Oct. 15, 2022. ((Photo by Beata Zawrzel/NurPhoto via Getty Images) / Getty Images)
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In June 2022, months after the settlement, Dollar Tree announced the exit of finance chief Kevin Wampler and some other top executives.
The Dollar Tree sign hangs outside a Dollar Tree store on November 23, 2021, in Los Angeles, California. ((Photo by Mario Tama/Getty Images) / Getty Images)
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The company operates more than 16,000 stores across 48 states and five Canadian provinces.
It will report its latest quarterly results on March 1.
Reuters contributed to this report