Discount store chain Dollar Tree said Howard Levine, the chief executive of its unit Family Dollar, will leave the company after completing his role in integrating the two companies.
Continue Reading Below
Dollar Tree said Gary Philbin, who was named Family Dollar's president and chief operating officer in July, will lead Family Dollar.
Family Dollar agreed last year to sell itself to Dollar Tree, whose bid was lower than rival Dollar General.
Family Dollar, which has been a family-run business since 1959, was key in propelling Dollar Tree to the No. 1 position among U.S. dollar stores amid intense competition from mass retailers such as Wal-Mart Stores.
Levine was criticized by billionaire investor Carl Icahn, who questioned whether Levine's continued role as CEO of his business at Dollar Tree could have influenced his decision to go ahead with the Dollar Tree deal. Levine was expected to lose his job if his company was sold to Dollar General, but was promised a role as CEO of Family Dollar when the deal was announced.
His departure on Jan. 15 comes nearly six months after Dollar Tree closed the deal.
(Reporting by Ramkumar Iyer in Bengaluru; Editing by Don Sebastian)